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EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: JANUARY 2026 COMEX 100 GOLD FUTURES
SETTLEMENT: 4,490.300000000 USD
INTENT DATE: 01/09/2026 DELIVERY DATE: 01/13/2026
FIRM ORG FIRM NAME ISSUED STOPPED
099 H DEUTSCHE BANK AG 58
363 H WELLS FARGO SECURITI 42
661 C JP MORGAN SECURITIES 30 31
686 C STONEX FINANCIAL INC 2
737 C ADVANTAGE FUTURES 15 2
880 H CITIGROUP 1
905 C ADM 3
TOTAL: 92 92
MONTH TO DATE: 6,683
JPMORGAN STOPPED: 31/92
GOLD: NUMBER OF NOTICES FILED FOR JANUARY/2026: 92 CONTRACTs NOTICES FOR 9200 OZ or 0.2861 TONNES
total notices so far: 6683contracts for 668,300 OR 20.786 tonnes)
SILVER NOTICES: 170 NOTICE(S) FILED FOR 0.850 MILLION OZ OZ/
total number of notices filed so far this month : 6860CONTRACTS (NOTICES) for 34.300 million oz
HUGE CHANGES:
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S HUGE 0.680MILLION OZ QUEUE JUMP//NEW STANDING ADVANCES TO 36.470MILLION OZ//
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOVEMBER: 36.425 MILLION OZ
DEC: 45.765 MILLION OZ
JANUARY 2026: 42.79 MILLION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVANCES TO 41.675 MILLION OZ
NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ FOLLOWED BY TODAY’S 195,000 OZ QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING ADVANCES TO 19.670 MILLION OZ/
DECEMBER: INITIAL AMOUNT STANDING FOR DELIVERY: 49.33 MILLION OZ// FOLLOWED BY ANOTHER STRONG 835,000OZ QUEUE JUMP+ DEC. FIRST EXCHANGE FOR RISK 0F .850 MILLION OZ + LAST WEEK.S 495,000 OZ EXCHANGE FOR RISK AND THEN A 3RD ISSUANCE IF 1.00MILLION OZ THEN FINALLY DEC 249ISSUANCE OF 1.35 MILLION OZ EXCHANGE FOR RISK//NEW TOTAL EX FOR RIS IS 3.685 MILLION OZ // STANDING ADVANCES TO 68.415 MILLION OZ//
JANUARY: INITIAL STANDING 22.915 MILLION OZ FOLLOWED BY TODAY’S 0.680 MILLION OZ QUEUE JUMP//STANDING ADVANCES TO 36.470 MILLION OZ//
- MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.637 TONNES EX FOR RISK//AUG 25: 9.107 TONNES , AUGUST 26: 9.1010 TONNES AND NOW AUGUST 27: 9.0699 TONNES//NEW STANDING ADVANCES TO 107.5117 TONNES OF GOLD NORMAL STANDING (INCLUDES ALL MONTHLY QUEUE JUMPS/EX FOR PHYSICAL TRANSFERS//) +44.696 TONNES EX.FOR RISK = 152.208 TONNES
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.1335TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR HUGE QUEUE JUMP OF 0.2830 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 15.936TONNES //NEW TOTAL QUEUE JUMPS 16.219//NORMAL DELIVERY OF GOLD ADVANCES TO 22.516 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK OF 12.778 TONNES//NEW STANDING ADVANCES TO 36.470 TONNES.
NEW STANDING FOR GOLD, JANUARY CONTRACT AT 35.297 TONNES OF GOLD
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 190.04 TONNES//GOOD SIZED THIS MONTH FINAL.
TOTAL EXCHANGE FOR PHYSICAL ISSUED FOR YEAR 2025: 2,026.20 TONNES (LOWER THAN LAST YR 2,569.00 TONNES
JANUARY: 76.889TONNES
SPREADING OPERATION
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF OCT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A SMALL SIZED 166 CONTRACTS OI TO 150,200 AND FURTHER FROM THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 485 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 485 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 166 CONTRACTS AND ADD TO THE 485 E.FP. ISSUED
WE OBTAIN A GOODSIZED GAIN OF 450 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN OF $4.15 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 1.595MILLION PAPER OZ
OCCURRED WITH OUR LOSS IN PRICE.OF $4.15
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENT
Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS JAN 6/2025
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS MONDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 60.25 PTS OR 1.50%
//Hang Seng CLOSED UP 368.21 PTS OR 1.38%
// Nikkei CLOSED UP 681.20 PTS OR 1.31
//Australia’s all ordinaries CLOSED DOWN 0.57%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.9840
/ OFFSHORE CLOSED DOWN AT 6.9797/ Oil UP TO 58.46 dollars per barrel for WTI and BRENT UP TO 62.04 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING DOWN TO 6.9840 OFFSHORE YUAN TRADING DOWN TO 6.9797/ONSHORE YUAN TRADING BELOW OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAK//OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
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A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 5637 CONTRACTS TO 499,506 OI WITH OUR HUGE GAIN IN PRICE OF $49.30 WITH RESPECT TO FRIDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST ZERO NET LONGS, WITH THAT PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A HUMONGOUS NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (10,760). WE HAD ZERO T.A.S. LIQUIDATION FRIDAY. IT SEEMS THAT THE SPECULATORS WENT MASSIVELY HUGE TO THE LONG SIDE WITH OUR FRBNY PROVIDING STILL THE MASSIVE NECESSARY PAPER AND OTHER CENTRAL BANKERS CONTINUING ON THE LONG SIDE .
YOU WILL NOTICE THAT THE COMEX OI IS NOW GAINING HUGELY FROM ITS LOW OI OF AROUND 418,000 TO NOW 499,506 AND NOW AMPLE ENOUGH FOR A RAID BY OUR BANKERS LIKE LAST MONDAY. FROM CHINA WE LEARN THAT THE GOLD LEASE RATE IS NOW AROUND ONE TO 2 %
WE THUS HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 15,897 CONTRACTS (OR 49.44TONNES). THEN WE WERE NOTIFIED OF A 0 CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 0 OZ OR 0 TONNES OF GOLD. IN DECEMBER WE HAVE RECORDED 5 ISSUANCES OF EXCHANGE FOR RISK/4 FOR DEC AND THE LAST ONE ON DEC 31 FOR JANUARY. WE NOW HAVE 3 CHOICES FOR THE RECIPIENT OF THIS ISSUANCE AND IT MUST BE A CENTRAL BANK. YOU WILL RECALL THAT THE BUYER ASSUMES THE RISK OF THAT DELIVERY. (THUS TOTAL EXCHANGE FOR RISK FOR THE MONTH OF DECEMBER IS 6.56 TONNES/4 OCCASIONS AND THEN WE HAVE TWO ISSUED IN JANUARY: 3.446 TONNES EARLY AND THEN JAN 9 ISSUANCE OF 9,331//TOTAL EXCHANGE FOR RISK JANUARY 12.778 TONNES WHICH WILL BE ADDED TO OUR NORMAL DELVERIES.
HERE ARE THE CHOICES FOR THE RECIPIENT OF THOSE ISSUANCES:
1 THE CENTRAL BANK OF ENGLAND. BUT THEY RECEIVED CLEARANCE THAT THEIR GOLD IS BACK SO IT IS NOT LIKELY THAT THEY WOULD LIKE TO ADD TO THEIR RESERVES.
2. THE CENTRAL BANK OF THE USA: THE FED. LOGICAL CHOICE AS THEY CLAMOUR TRYING TO REDUCE THEIR 39 TONNES OF SHORTAGE.
3. THE CENTRAL BANK OF CHINA AS THEY BATTLE WITS WITH THE USA.
TOTAL EXCHANGE FOR RISK FOR DECEMBER IS 6.56 TONNES AND THIS WAS ADDED TO OUR NORMAL DELIVERY TOTALS.. THE JANUARY ISSUANCE WILL BE ADDED TO OUR DAILY TOTALS!! (3.447 TONNES)
DETAILS ON OUR NEW JANUARY COMEX CONTRACT MONTH//
IN TOTAL WE HAD A HUMONGOUS SIZED GAIN ON OUR TWO EXCHANGES OF 15,897 CONTRACTS WITH OUR HUGE GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THE THOUGHTFULNESS. LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO OTHER CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH JANUARY/ CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER IS A MONSTER T.A.S ISSUANCE CONTRACTS. THE CME NOTIFIES US THAT THEY HAVE ISSUED 21,393 T.A.S CONTRACTS AND WILL BE USED FOR RAID PURPOSES TO STOP GOLD’S RISE AND TO TEMPER HUGE LOSSES IN OTC DERIVATIVE BETS AND IT WAS IN FULL FORCE DURING LAST WEEK AND CONTINUING ON THIS WEEK. IT SURE LOOKS LIKE THE BIS HAS GIVEN THE FRBNY ITS MARCHING ORDERS TO COVER AND THAT MAY EXPLAIN THE HUGE NUMBER OF T.A.S. ISSUANCES IN DECEMBER.
HERE IS A SUMMARY OF GOLD STANDING FOR DELIVERY ON OUR LAST 9 MONTHS:
- FOR APRIL AT 209 TONNES
2. AND THIS CONTINUED INTO MAY WITH FINAL STANDING AT 90.23 TONNES.
3. JUNE WHICH IS A HUGE DELIVERY MONTH , FINAL STANDING WAS RECORDED AT A STRONG 93.085 TONNES. //(TOTAL NET QUEUE JUMPING FOR THE JUNE MONTH: 31.027 TONNES.)
4. IN JULY WE HAD HUGE DELIVERY NOTICES ESPECIALLY FOR A NON ACTIVE DELIVERY MONTH WITH INITIAL STANDING AT 17.947 TONNES PLUS MANY QUEUE JUMPS + 3.75 TONNES EX FOR RISK = 41.106 TONNES OF GOLD // FINAL TOTAL TONNES STANDING JULY: 41.106 TONNES
5. FOR THE MONTH OF AUGUST:
INITIAL AMOUNT OF GOLD STANDING FOR AUGUST: 60.547 TONNES PLUS THE MONTHS HUGE QUEUE JUMPS OF 47.2312 TONNES +44.696 TONNES EX FOR RISK (7 ISSUANCES) //NEW STANDING 152.208 TONNES WHICH IS MONSTROUS!!!
6. FINAL AMOUNT OF GOLD STANDING FOR SEPT; INITIAL STANDING; 2,602 CONTRACTS OR 260,200 OZ FOR 8.093 TONNES OF GOLD FOLLOWED BY TODAY’S 0.4883 TONNES QUEUE JUMP TO GO ALONG WITH TODAY’S 1.244 TONNES OF EXCHANGE FOR RISK ISSUANCE TODAY AND // TOTAL EXCHANGE FOR RISK ISSUANCE SEPT: 22.923 TONNES//NEW TOTALS STANDING ADVANCES TO 48.801 TONNES OF GOLD!!!
7. OCTOBER:
OCTOBER: INITIAL STANDING FOR GOLD: 90.164 TONNES TO WHICH WE ADD OUR LATEST OCT 30 QUEUE JUMP OF 0.00311 TONNES WHICH FOLLOWS OCT 29 QUEUE JUMP OF .4096 WHICH FOLLOWS; OCT 28 QUEUE JUMP OF .5069 TONNES WHICH FOLLOWS OCT 27 OF 0.3048 TONNES WHICH FOLLOWS: OCT 24 OF 0.8615 TONNES, FOLLOWING OCT 23 QUEUE JUMP OF 1.695 TONNES OCT 22 JUMP OF 8.622 TONNES WHICH FOLLOWS OCT 21: 3.8600 TONNES TO OCT 20 QUEUE JUMP OF 7.695 TONNES WHICH FOLLOWED OCT 17 RECORD SETTING: 12.031 TONNE QUEUE JUMP WHICH FOLLOWED THURSDAY’S QUEUE JUMP OF 8.326 TONNES WHICH FOLLOWED WEDNESDAY;S 6.469 WHICH FOLLOWED ALL PREVIOUS QUEUE JUMPS OF 42.549 TONNES TO WHICH WE ADD OUR TOTAL 4679 EXCHANGE FOR RISK CONTRACTS ON 6 OCCASIONS FOR 467,900 OZ OR 14.553 TONNES.! TOTAL STANDING ADVANCES TO 197.511 TONNES OF GOLD
SUMMARY FOR OCTOBER STANDING:
THAT IS;
a) INITIAL STANDING 90.164 TONNES
b) INITIAL EXCHANGE FOR RISK ISSUANCE OF 500 CONTRACTS FOR 50,000 OZ OR 1.555 TONNES
c) ANOTHER 3 CONSECUTIVE EXCHANGE FOR RISK ISSUANCES OF 2150 CONTRACTS FOR 215000 OZ OR 6.687 TONNES
D) AFTER A ONE DAY HIATUS, A 5TH ISSUANCE FOR 1000 CONTRACTS //100,000 OZ OR 3.1104 TONNES
E) AFTER A TWO WEEK HIATUS: ITS 6TH ISSUANCE FOR 1029 CONTRACTS/102,900 OZ OR 3.200 TONNES
TOTAL EXCHANGE FOR RISK OCT 6 OCCASIONS: 14.553 TONNES
TO WHICH WE ADD ALL OUR QUEUE JUMPING IN OCT: TOTAL MONTH;: 92.7648 TONNES
(ALL OF THESE QUEUE JUMPS ARE REPRESENTED BY CENTRAL BANKS DESPERATELY ADDING TO THEIR OFFICIAL RESERVES)
EQUALS
197.5141 TONNES OF GOLD!!
END
8. NOVEMBER:TOTAL TONNES STANDING INCLUDING ALL QUEUE JUMPS AND EXCHANGE FOR RISK ISSUANCE:
INITIAL GOLD STANDING AT THE COMEX IS 5032 CONTRACTS OR 503,200 OZ (15.651 TONNES) FOLLOWED BY ITS TODAY’S QUEUE JUMP OF 2.323 TONNES/ FOLLOWED BY ALL NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR SECOND EXCHANGE FOR RISK OF 1016 CONTRACTS FOR 101600 OZ OR 3.165 TONNES TO OUR FIRST EXCHANGE FOR RISK ISSUANCE OF 1.3966 TONNES/// NEW EXCHANGE FOR RISK: 4.5595 TONNES//NEW TOTAL GOLD STANDING IN NOVEMBER ADVANCES TO 43.9716 TONNES
9. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.1337 TONNES OF QUEUE JUMP WHICH FOLLOWS ALL OTHER NET QUEUE JUMPING OF 37.163 TONNES//STANDING ADVANCES TO 115.257 TONNES TO WHICH WE ADD OUR FOUR ISSUANCES OF EXCHANGE FOR RISK OF 6.559 TONNES/NEW STANDING IS THUS: 121.977 TONNES.
10. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR HUGE QUEUE JUMP OF 0.2830TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 15.936TONNES //NEW TOTAL QUEUE JUMPSl 16.219 //NORMAL DELIVERY OF GOLD ADVANCES TO 22.519TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK OF 12.778 TONNES//NEW STANDING ADVANCES TO 35.297 TONNES.
THE FED IS THE OTHER MAJOR SHORT OF AROUND 39+ TONNES OF GOLD OWING TO THE B.I.S. THE OCC ORDERED THE BANKS TO COVER THEIR GOLD LOSSES FROM OCC BETS. THIS IS SUCH A SMALL FRACTION OF WHAT IS OWED!!! THE FRBNY BORROWED GOLD FROM THE BIS TO COVER THOSE HUGE LOSSES OF AROUND 39 TONNES OF GOLD.. THE FED IS VERY WORRIED ABOUT WHAT IS GOING TO HAPPEN TO GOLD PRICES IF THEY DO NOT BORROW THIS GOLD. SO IT IS POSSIBLE/PROBABLE THAT THE FED IS THE BUYER OF 10.006 TONNES OF EXCHANGE FOR RISK/DECEMBER/EARLY JANUARY!! AND THEN ANOTHER 9.33 TONNES JAN 9.2026
THE MAJOR FOUR OR FIVE BANKS ARE ALSO WORRIED ABOUT THEIR HUGE PRECIOUS METAL DERIVATIVE SHORT EXPOSURE (NORTH OF ONE TRILLION DOLLARS) AND THIS IS PROBABLY THE MAJOR REASON FOR GOLD/SILVER’S RISE THESE PAST SEVERAL MONTHS. THEY ARE TOTALLY TRAPPED., AND THEIR FAILURE TO STOP OTHER CENTRAL BANK PURCHASES OF PHYSICAL GOLD IS THE MAJOR ISSUE OF THE DAY. IT SURE DOES LOOK LIKE THE BIS HAS NOW GIVEN THE FED ITS MARCHING ORDERS TO COVER ITS PHYSICAL GOLD SHORT AS THEIR OUTSTANDING LOAN OF 39+ TONNES REMAIN ON THE BOOKS OF THE BIS AND THE END OF THE YEAR IS APPROACHING.
THE FRBNY IS STILL NON COMPLIANT WITH RESPECT TO BASEL III BUT IT IS NOT NECESSARY FOR THEM TO BE COMPLIANT ONLY COMMERCIAL BANKERS MUST BE.
OUR PHYSICAL LONDONERS BOUGHT NEW MASSIVE QUANTITIES OF LONGS AT ANY PRICE AND THIS GOLD BOUGHT WILL BE TENDERED FOR PHYSICAL ON A T + ???? BASIS. BECAUSE GOLD IS BASEL III COMPLIANT, GOLD IS SUPPOSED BE DELIVERED IN A VERY TIMELY ONE DAY. CENTRAL BANKS AROUND THE WORLD, BEING REPRESENTED BY OUR LONDONERS, ARE THE REAL PURCHASERS OF THIS GOLD.
EUROPE IS NOW BASEL III COMPLIANT. THE WEST ( COMEX) IS NOW COMPLIANT EFFECTIVE JULY 1//2025.
THE PROBLEM FOR THOSE PROVIDING THE SHORT PAPER IS THE SHOCK TO THEM ON RECEIVING NOTICE THAT THE LONGS WANT THE PHYSICAL GOLD AS THEY TENDER FOR THAT SHINY YELLOW METAL. THE HIGH LIQUIDATION OF OUR TWO SPREADERS: 1) THE MONTH END SPREADERS AND 2. T.A.S DURING THESE PAST SEVERAL WEEKS IS SURELY DISTORTING COMEX OPEN INTEREST BUT THAT DOES NOT STOP LONDON’S ACCUMULATION OF PHYSICAL! YOU CAN ALSO VISUALIZE THAT PERFECTLY WITH THE HUGE AMOUNTS OF QUEUE JUMPING ORCHESTRATED BY CENTRAL BANKERS BOLTING AHEAD OF ORDINARY LONGS AS THEIR NEED FOR PHYSICAL IS GREAT AS THEY SCOUR THE PLANET LOOKING FOR GOLD, AND THE MASSIVE AMOUNT OF GOLD STANDING EACH AND EVERY MONTH
EXCHANGE FOR PHYSICAL ISSUANCE/JAN//BORROWINGS FROM THE FRBNY:
THE CME REPORTS THAT THE BANKERS ISSUED A HUMONGOUS SIZED EXCHANGE FOR PHYSICAL OF 10,760 CONTRACTS.
THAT IS A FAIR SIZED 10,760 EFP CONTRACT WAS ISSUED: : /FEB 10,760 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 10,760 CONTRACTS. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS. THE REGULATORY BODY THAT IS SUPPOSE TO CONTROL THESE EFP’S IS THE O.C.C. HEADQUARTERED IN BOTH LONDON AND WASHINGTON. SEEMS NOW THAT THE OCC IS CLAMPING DOWN ON THIS EFP’S CIRCLING AROUND IN LONDON AS THEY ORDERED THE BULLION BANKS TO COVER MUCH OF THEIR DERIVATIVE BETS ON THESE CONTRACTS!! THUS THE FRBNY SAVED OUR BULLION BANKS FROM EXTINCTION WITH THIS BORROWED GOLD FROM THE BIS OF 39 TONNES
WE HAD :
- ZERO LIQUIDATION OF OUR T.A.S. SPREADERS DURING THE COMEX SESSION + AND DID HAVE HUGE GOVERNMENT LIQUIDATION
- ZERO MONTH END SPREADERS LIQUIDATION!!. WILL NOT COMMENCE UNTIL THE END OF JANUARY..
T.A.S.SPREADER ISSUANCE//JANUARY
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR FRIDAY NIGHT/SATURDAY MORNING WAS A HUGE SIZED 21,393 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR T.A.S. DRIVEN, ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
- STALLS THE ADVANCE IN PRICE
- LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
THAT SET UP FRIDAY’S HUGE GAIN IN PRICE IN GOLD WITH A CORRESPONDING VERY STRONG GAIN OF COMEX OI AND A FAIR EXCHANGE FOR PHYSICAL ISSUANCE..
.
THE COMEX IS IN TOTAL TURMOIL ESPECIALLY THESE PAST 6 MONTHS WITH THE FOLLOWING;
- WITH JULY’S RARE TWO ISSUANCES OF EXCHANGE FOR RISK (LATE IN JULY)
- AND THIS WAS FOLLOWED WITH AUGUST’S 7 ISSUANCES OF EXCHANGE FOR RISK FOR 44.696 TONNES
- TO BE FOLLOWED BY SEPTEMBER’S 7 ISSUANCES FOR EXCHANGE FOR RISK FOR 22.923 TONNES.
- TO BE FOLLOWED BY OCTOBER’S 6 ISSUANCES FOR 14.553 TONNES
- TO BE FOLLOWED BY NOVEMBER’S TWO ISSUANCES FOR 4.5575 TONNES
- THE LONDON BANKING AUDITORS HAVE SO FAR REFUSED TO GIVE CERTIFICATION ON THE BANK OF ENGLAND’S SISTER HOLDING OPERATION, THE E.E.A. ON ITS GOLD AND OTHER ASSETS HELD UNDER THE E.E.A.(SEE ROBERT LAMBOURNE’S LETTER OCT 8/
- FRBNY BORROWS ANOTHER 24 TONNES OF GOLD FROM THE BIS IN OCT TO SAVE THE BULLION BANKS FROM EXTINCTION AFTER THE O.C.C ORDERED THE BULLION BANKS TO BE ONSIDE WITH THEIR DERIVATIVES. THE FRBNY IS NOW SHORT 54+ TONNES OF GOLD.
- MASSIVE REMOVAL OF COMEX CONTRACTS FROM PRELIMINARY OI TO FINAL OI//RECORD 33,000 CONTRACTS REMOVED FRIDAY NOV 21//
- MASSIVE T.A.S. CONTRACTS ISSUED FOR 5 CONSECUTIVE DAYS/SIGNALLING A MASSIVE RAID TO BE!
- MASSIVE RAIDS AT THE COMEX CALLED UPON EVERY OTHER DAY LAST WEEK
JAN 2025:
113.30 TONNES (WHICH INCLUDES 43.408 TONNES EX FOR RISK)
FEB: 2025:
256.607 TONNES (WHICH INCLUDES 18.4567 TONNES OF EX FOR RISK)
MARCH:
STANDING FOR GOLD : 60.33 TONNES + 7.6179 TONNES EX FOR RISK = 67.9479 TONNES WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.
APRIL:
FINAL STANDING FOR GOLD: 201.573 TONNES + 8.3571 TONNES EX FOR RISK = 209.953 TONNES
MAY: FINAL STANDING 90.235 TONNES WHICH INCLUDES QUEUE JUMPING AND 9.591 TONNES EX FOR RISK.
JUNE: FINAL STANDING 62.534 TONNES PLUS 0.1493TONNES OF QUEUE JUMP EQUALS 93.085 TONNES
JULY: 17.947 TONNES INITIAL STANDING FIRST DAY NOTICE PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK/PRIOR + 2.195 EX FOR RISK TODAY = = 41.106 TONNES
AUGUST:INITIAL AMOUNT OF GOLD STANDING: 60.547 TONNES TO WHICH WE ADD OUR 7 MONTHLY ISSUANCES OF: EXCHANGE FOR RISK TOTALLING 44.696 TONNES//NEW STANDING ADVANCES AS FOLLOWS:
107.5117 TONNES NORMAL DELIVERIES (INCLUDES ALL QUEUE JUMPS /EXCHANGE FOR PHYSICAL TRANSFERS) +
5.4432 TONNES EXCHANGE FOR RISK/PRIOR/AUGUST 7
2.413 TONNES EXCHANGE FOR RISK AUGUST 11
PLUS 2.637 TONNES EX FOR RISK AUGUST 12
PLUS: 9.107 TONNES EX FOR RISK AUGUST 25
PLUS 9.1010 TONNES EX FOR RISK AUGUST 26!!
PLUS 9.0699 TONNES EX FOR RISK AUGUST 27
PLUS 6.923 TONNES EX. FOR RISK/AUGUST 28
MONTHLY TOTAL 44.696 TONNES EXCHANGE FOR RISK!MONTH OF AUGUST.
EQUALS
152.208 TONNES TONNES OF GOLD.
SEPT:
SEPT: 25.878 TONNES OF GOLD INITIAL GOLD STANDING TO WHICH WE ADD OUR 22.923 TONNES OF EXCHANGE FOR RISK ISSUED 7 TIMES DURING THE MONTH:
TOTAL EX FOR RISK// FOR MONTH = 22.923//NEW TOTALS FOR GOLD STANDING SEPT ADVANCES TO 48.801 TONNES
THIS IS HUGE FOR A GENERALLY WEAK SEPTEMBER DELIVERY MONTH.
OCTOBER: INITIAL AMOUNT OF GOLD STANDING: 90.164 TONNES OF GOLD FOLLOWED BY TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL PREVIOUS QUEUE JUMPS OF 76.1656 TONNES WHICH MUST BE ADDED TO OUR 6 ISSUANCES OF 14.553 TONNES EXCHANGE FOR RISK//TOTAL NEW STANDING FOR GOLD IN THIS ACTIVE OCTOBER DELIVERY MONTH ADVANCES TO 197.5141 TONNNES.
NOVEMBER WHERE INITIAL AMOUNT OF GOLD STANDING IS REGISTERED AT 15.651 TONNES OF GOLD FOLLOWED BY TODAY’S QUEUE JUMP OF 2 TONNES AND FOLLOWED BY ALL OTHER NOV QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE FOR 4.5596 TONNES.
/STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY IN THIS ACTIVE MONTH IS 83.813 TONNES FOLLOWED BY TODAY’S 0.XXXX TONNES QUEUE JUMP. THIS FOLLOWS ALL OTHER QUEUE JUMPING: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559 TONNES//NEW STANDING THUS INCREASES TO 121.977 TONNES
. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR HUGE QUEUE JUMP OF 0.2830 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 15.219TONNES //NEW TOTAL QUEUE JUMPS OF 16.219//NORMAL DELIVERY OF GOLD ADVANCES TO 22.519 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK OF 12.778 TONNES//NEW STANDING ADVANCES TO 35.297TONNES.
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS 2021-2024
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING BEGINNING JANUARY,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $49.30/)
WE HAD ZERO T.A.S. SPREADER LIQUIDATION FRIDAY // COMEX SESSION// WITH OUR GAIN IN PRICE ////.. BUT OUR SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX// WITH OTHER EASTERN CENTRAL BANKS TENDERING FOR PHYSICAL TUESDAY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD STANDING FOR JANUARY IN AN OFF MONTH. THE COMEX IS ONE BIG MESS!!
FRIDAY NIGHT//SATURDAY MORNING
THE CROOKS HOWEVER COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL FRIDAY EVENING/SATURDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
A LITTLE REVIEW OF GOLD STANDING THESE PAST 4 MONTHS:
STANDING FOR GOLD OCT THROUGH TO JANUARY:
- ANALYSIS// OCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT TO FINALIZATION OCT 31:
OCT AT 90.164 TONNES TO BE FOLLOWED BY ALL PREVIOUS QUEUE JUMPS OF 75.696 TONNES WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ TOTAL STANDING 197.551 TONNE/OCTOBER FINAL//ABSOLUTELY A MONSTER DELIVERY FOR A NORMALLY QUIET OCT MONTH
2. AND NOW NOVEMBER:
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR TODAY’S QUEUE JUMP OF 2.323 TONNES WHICH FOLLOWED ALL OTHER NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO ISSUANCES OF EXCHANGE FOR RISK OF 4.5596 TONNES..
NEW STANDING ADVANCES TO 43.9716 ONNES OF GOLD.
3. AND NOW DECEMBER:
3. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES FOLLOWED BY A 0 CONTRACT QUEUE JUMP FOR NIL OZ OR 0.000 TONNES WHICH FOLLOWS OTHER DEC QUEUE JUMPS OF: 0 TONNES///STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559TONNES/NEW STANDING ADVANCES TO 121.977TONNES
4. NOW JANUARY:
JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR HUGE QUEUE JUMP OF 0.2830 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 15.936TONNES //NEW TOTAL QUEUE: 16.219 TONNES //NORMAL DELIVERY OF GOLD ADVANCES TO 22.519 TONNES TO WHICH WE ADD OUR 2 EXCHANGE FOR RISK OF 12.778 TONNES//NEW STANDING ADVANCES TO 35.297TONNES.
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $49.30
WE HAD A HUGE 6474 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE .
INITIAL GOLD COMEX
JAN 12
JAN 2026 CONTRACT MONTH
GOLD
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 0 ENTRIES total withdrawal NIL oz |
| Deposit to the Dealer Inventory in oz | 0- ENTRIES |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 92 notice(s) 9200 OZ 0.2861 TONNES OF GOLD |
| No of oz to be served (notices) | 557contracts 55700 OZ 1.732 TONNES |
| Total monthly oz gold served (contracts) so far this month | 6683notices 668,300oz 20.786TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits: 0
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER
DEPOSITS/CUSTOMER
0 ENTRIES
DEPOSITS/CUSTOMER
total deposit: NILoz
customer withdrawals:
0 ENTRIES
they are draining the comex of gold
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
ADJUSTMENTs 1//CUSTOMER TO DEALER BRINKS
i) 70,529.694 OZ
chaos inside the comex
AMOUNT OF GOLD STANDING FOR DECEMBER
THE FRONT MONTH OF JANUARY STANDS AT 649 CONTRACTS FOR A LOSS OF 1049 CONTRACTS.
WE HAD 1140 NOTICES FILED ON FRIDAY, SO WE GAINED 91 CONTRACTS OR 9100OZ OF A QUEUE JUMP (
FEB LOST 9791 CONTRACTS DOWN TO 292,895CONTRACTS
MARCH GAINED 67 CONTRACTS UP TO 2668
We had 92contracts filed for today representing 9200 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 31 notices issued from their client or customer account. The total of all issuance by all participants equate to 92 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 31 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for JAN /2026. contract month, we take the total number of notices filed so far for the month (6683) to which we add the difference between the open interest for the front month of JAN ( 649CONTRACTS) minus the number of notices served upon today (92 x 100 oz per contract) equals 724,000 OR 22.519Tonnes of gold to which we add our two exchange for risk in January of 12.778 tonnes//new standing advances to 35.297onnes
thus the INITIAL standings for gold for the JAN contract month: No of notices filed so far (6683 x 100 oz +we add the difference for front month of JAN (XXXX OI} minus the number of notices served upon today (92x 100 oz) which equals 724,000 OR 22.519 TONNES plus our two exchange for risk of 12.778 tonnes//new standing advances to 34.980 tonnes
new total of gold standing in JANUARY is 35.297 tonnes
TOTAL COMEX GOLD STANDING FOR JANUARY ..: 35.297 TONNES TONNES WHICH IS STRONG FOR THIS NORMALLY VERY NON ACTIVE ACTIVE DELIVERY MONTH OF JANUARY.
volume FRIDAY confirmed 288,762 GOOD
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,954,980,629oz 60.08 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 36,311,917.240. oz
TOTAL REGISTERED GOLD 19,250,696.342 or 598,777Tonnes
TOTAL OF ALL ELIGIBLE GOLD 17,061,221.546OZ
REGISTERED GOLD THAT CAN BE SERVED UPON 17,295,716 oz ((REG GOLD- PLEDGED GOLD)=
537.96 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER/COMEX
JAN 12 2026
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 6 entries i) Asahi 565,598.400oz ii)Brinks 617,598.500 oz iii)CNT 350,219,210oz iv) JPMorgan 435,822.000 OZ v) Loomis 259,847,540 oz vi Stonex 791,854,210 oz total withdrawal: 3,026,029.369 oz |
| Deposits to the Dealer Inventory | 1 ENTRY i) Into CNT 598,431.350 oz total deposit 598,431.35 o |
| Deposits to the Customer Inventory | 2 ENTRIES i) Into Asahi 590,648,600 oz ii) Into HSBC 180,199.601 oz total: 770,848,604 oz |
| No of oz served today (contracts) | 170 CONTRACT(S) ( 0.850 million OZ |
| No of oz to be served (notices) | 434contracts (2.170 MILLION oz) |
| Total monthly oz silver served (contracts) | 6860contracts 34.30MILLION oz CORRECTED |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
DEPOSITS INTO DEALER ACCOUNTS
1 ENTRY
i) Into CNT 598,431.350 oz
total deposit 598,431.35 oz
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DEPOSIT ENTRIES/CUSTOMER ACCOUNT
2 ENTRIES
i) Into Asahi 590,648,600 oz
ii) Into HSBC 180,199.601 oz
total: 770,848,604 oz
withdrawals: customer side/eligible
6 entries
i) Asahi 565,598.400oz
ii)Brinks 617,598.500 oz
iii)CNT 350,219,210oz
iv) JPMorgan 435,822.000 OZ
v) Loomis 259,847,540 oz
vi Stonex 791,854,210 oz
total withdrawal: 3,026,029.369 oz
adjustments: / / 4 dealer to customer
i) Brinks 79,706,358 oz
ii) CNT 226,402,403 oz
iii) Out of Delaware 64,012.947 oz
iv) Out of JPMorgan 29,252,100 oz
total adjusted out of registered; 397,373,800 oz
TOTAL REGISTERED SILVER: 123.498MILLION OZ//.TOTAL REG + ELIGIBLE. 437.485Million oz
registered silver dropping in numbers
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JANUARY
silver open interest data:
FRONT MONTH OF JANUARY /2026 OI: 604 OPEN INTEREST CONTRACTS FOR A LOSS OF 233 CONTRACTS. WE HAD 369 NOTICES FILED ON FRIDAY SO WE GAINED 136 CONTRACTS OR A STRONG QUEUE JUMP OF 0.680 MILLION OZ QUEUE JUMP WHERE THEY WILL TAKE DELIVERY ON THIS SIDE OF THE POND.
FEB GAINED 21 CONTRACTS UP TO 3822 CONTRACTS
MARCH GAINED 3 CONTRACTS DOWNTO 101,490
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 170 or 0.850 MILLION oz
CONFIRMED volume; ON FRIDAY 137,601huge//
AND NOW JANUARY. DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in JANUARY. we take the total number of notices filed for the month so far at 6860 X5,000 oz = 34.30MILLION oz
to which we add the difference between the open interest for the front month of JANUARY (604) AND the number of notices served upon today (170)x (5000 oz)
Thus the standings for silver for the JANUARY 2026 contract month: (6860 Notices served so far) x 5000 oz + OI for the front month of JAN(604) minus number of notices served upon today (170x 5000 oz equals silver standing for the JANUARY.contract month equating to 36.470MILLION OZ CORRECTED
NORMAL STANDING: 36.470 MILLION OZ WHICH IS HUGE FOR A GENERALLY SMALL DELIVERY MONTH OF JANUARY.
New total standing: 36.755 million oz. THE SILVER COMEX IS NOW UNDER MASSIVE SIEGE!! AND THIS IS HAPPENING WITH THE MASSIVE SIEGE ON GOLD AS WELL.
We must also keep in mind that there is considerable silver standing in London coming from our longs in New York that underwent EFP transfers.
There are 123.498 million oz of registered silver
JPMorgan as a percentage of total silver: 182.981/437,485million. 41.60%
The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44.
Now that we have surpassed $28.40 the next big line in the sand for silver is $34.76. After that the moon
the next big line in the sand for silver is $34.76. After that the moon
END
BOTH GLD AND SLV ARE MASSIVE FRAUDS
JAN 12/2026/WITH GOLD UP $104.90 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE DEPOSIT OF 6.25 TONNES OF GOLD INTO THE GLD/// ///INVENTORY RESTS AT 1070,80TONNES
JAN 9/2026/WITH GOLD UP $49.30 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.58 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 1064.55 TONNES
JAN 8/2026/WITH GOLD DOWN $0.80 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.00 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 1067.13 TONNES
JAN 7/2026/WITH GOLD DOWN $38.50 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.00 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 1067.13 TONNES
JAN 6/2026/WITH GOLD UP $47.00 TODAY/BIG CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 5.43 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1065.13 TONNES
JAN 5/2026/WITH GOLD UP $122.80 TODAY/BIG CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 5.43 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1065.13 TONNES
JAN 2/2026/WITH GOLD DOWN $10.10 TODAY/BIG CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.43 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1070.56 TONNES
DEC 31/WITH GOLD DOWN $42.50 TODAY/SMALL CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 0.86 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1071,99 TONNES
DEC 30/WITH GOLD UP $41.50 TODAY/NO CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 0.86 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1071,99 TONNES
DEC 29/WITH GOLD DOWN $190.70 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.86 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1071,13 TONNES
DEC 26/WITH GOLD UP $39.15 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 3.61 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1068.27 TONNES
DEC 24/WITH GOLD UP $2.15 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 1064.66 TONNES
DEC 23/WITH GOLD UP $52.85 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A FRAUDULENT DEPOSIT OF 12.12 TONNES OF GOLD INTO THE GLD/// /// ///INVENTORY RESTS AT 1064.66 TONNES
DEC 22/WITH GOLD UP $80,25 TODAY/NO CHANGES IN GOLD AT THE GLD: // /// ///INVENTORY RESTS AT 1052.54 TONNES
DEC 19/WITH GOLD UP $22.20 TODAY/NO CHANGES IN GOLD AT THE GLD: // /// ///INVENTORY RESTS AT 1052.54 TONNES
DEC 18/WITH GOLD DOWN $9.05 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF .85 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1052.54 TONNES
DEC 17/WITH GOLD UP $39.45 TODAY/NO CHANGES IN GOLD AT THE GLD:// /// ///INVENTORY RESTS AT 1051.69 TONNES
DEC 16/WITH GOLD DOWN $3.95 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.43 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1051.69 TONNES
DEC 15/WITH GOLD UP $10.15 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.29 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 105.12 TONNES
DEC 12/WITH GOLD UP $14.20 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 4.01 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1050.83 TONNES
DEC 11/WITH GOLD UP $85.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.15 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1046.82 TONNES
DEC 10/WITH GOLD UP $85.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.15 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1046.82 TONNES
DEC 9/WITH GOLD UP $18.50 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.14 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1049.11 TONNES
DEC 8/WITH GOLD DOWN $23.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 0.33 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1050.25 TONNES
DEC 5/WITH GOLD UP $9.30 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A FRAUDULENT DEPOSIT OF 4.00 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1050.58 TONNES
DEC 4/WITH GOLD UP $9.95 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.72 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1046.58 TONNES
DEC 3/WITH GOLD UP $14.25 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.71 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1048.30 TONNES
DEC 2/WITH GOLD DOWN $53.35 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 4.58 TONNES OF GOLD VAPOUR INTO THE GLD// /// ///INVENTORY RESTS AT 1050.01TONNES
DEC 1/WITH GOLD UP $22.75 TODAY/NO CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 1.14 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1045.43TONNES
NOV 28/WITH GOLD UP $51.85 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 1.14 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1045.43 TONNES
NOV 26/WITH GOLD UP $25.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A FRAUDULENT PAPER DEPOSIT OF 4.57 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1040.57 TONNES
NOV 25/WITH GOLD UP $46.60 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 1.14 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1040.57 TONNES
NOV 24/WITH GOLD UP $16.95 TODAY/SMALL CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 0.29 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1040.86 TONNES
NOV 21/WITH GOLD UP $18.55 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.00 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1039.43 TONNES
NOV 20/WITH GOLD DOWN $20.45 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 1041.43 TONNES
GLD INVENTORY: 1070,80 TONNES, TONIGHTS TOTAL
SILVER
JAN 12 WITH SILVER UP $5.50 HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 1.229MILLION OZ INTO THE SLV OZ INTO THE SLV. /. ./ :INVENTORY RESTS AT 525,598MILLION OZ //
JAN 9 WITH SILVER UP $4.15 HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 6.119 MILLION OZ INTO THE SLV OZ FROM THE SLV. /. ./ :INVENTORY RESTS AT 524.329MILLION OZ //
JAN 8/WITH SILVER DOWN $2.40/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 10.481 MILLION OZ OUT OF THE SLV OZ FROM THE SLV. /. ./ :INVENTORY RESTS AT 518.210MILLION OZ //
JAN 7/WITH SILVER DOWN $2.78/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 10.481 MILLION OZ OUT OF THE SLV OZ FROM THE SLV. /. ./ :INVENTORY RESTS AT 525.730 MILLION OZ //
JAN 6/WITH SILVER UP $4.93 /SMALL CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 363,000 OZ FORM THE SLV. /. ./ :INVENTORY RESTS AT 528.691 MILLION OZ //
JAN 6/WITH SILVER UP $4.93 /SMALL CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 363,000 OZ FORM THE SLV. /. ./ :INVENTORY RESTS AT 528.691 MILLION OZ //
JAN 5/WITH SILVER UP $5.90 /SMALL CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 363,000 OZ FORM THE SLV. /. ./ :INVENTORY RESTS AT 528.691 MILLION OZ //
JAN 2/WITH SILVER UP $0.22 /HUGE CHANGES IN SILVER AT THE SLV: A SMALL WITHDRAWAL OF 0.363 MILLION OZ OUT THE SLV/. ./ :INVENTORY RESTS AT 529.054 MILLION OZ //
DEC 31/WITH SILVER DOWN $6.41 /HUGE CHANGES IN SILVER AT THE SLV: A MASSIVE DEPOSIT OF 4.806 MILLION OZ INTO THE SLV/. ./ :INVENTORY RESTS AT 529.054 MILLION OZ //
DEC 30/WITH SILVER UP $6.89 /HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 2.72 MILLION OZ FROM THE SLV/. ./ :INVENTORY RESTS AT 524.248 MILLION OZ //
DEC 29/WITH SILVER DOWN $5.88 /HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 1.814 MILLION OZ FROM THE SLV/. ./ :INVENTORY RESTS AT 526,968 MILLION OZ //
DEC 26/WITH SILVER UP $4.88 /HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 1.813 MILLION OZ FROM THE SLV/. ./ :INVENTORY RESTS AT 528.782 MILLION OZ //
DEC 24/WITH SILVER UP $0.95 /HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 3.083 MILLION OZ FROM THE SLV/. ./ :INVENTORY RESTS AT 530.595MILLION OZ //
DEC 23/WITH SILVER UP $2.40 /HUGE CHANGES IN SILVER AT THE SLV: A FRAUDULENT DEPOSIT OF 17.13 MILLION OZ INTO THE SLV/. ./ :INVENTORY RESTS AT 533.678 MILLION OZ //
DEC 22/WITH SILVER UP $1.28 /HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 1.541 MILLION OZ INTO THE SLV/. ./ :INVENTORY RESTS AT 516.541 MILLION OZ //
DEC 19/WITH SILVER UP $2.06 /NO CHANGES IN SILVER AT THE SLV: . ./ :INVENTORY RESTS AT 515.000 MILLION OZ //
DEC 18/WITH SILVER DOWN $1.13/NO CHANGES IN SILVER AT THE SLV: . ./ :INVENTORY RESTS AT 515.000 MILLION OZ //
DEC 17/WITH SILVER UP $2.93/HUGE CHANGES IN SILVER AT THE SLV: A HUGE WITHDRAWAL OF 1.36 MILLION OZ FROM THE SLV. ./ :INVENTORY RESTS AT 515.000 MILLION OZ //
DEC 16/WITH SILVER DOWN $.07/HUGE CHANGES IN SILVER AT THE SLV: A HUGE WITHDRAWAL OF 1.36 MILLION OZ FROM THE SLV. ./ :INVENTORY RESTS AT 56.360 MILLION OZ //
DEC 15/WITH SILVER UP $1.62/SMALL CHANGES IN SILVER AT THE SLV: A SMALL DEPOSIT OF 635,000 INTO THE SLV. ./ :INVENTORY RESTS AT 517.720 MILLION OZ //
DEC 12/WITH SILVER DOWN $2.30/NO CHANGES IN SILVER AT THE SLV: ./ :INVENTORY RESTS AT 517.085 MILLION OZ //
DEC 11/WITH SILVER UP $3.52/HUGE CHANGES IN SILVER AT THE SLV: A HUGE DEPOSIT OF 3.537 MILLION OZ INTO THE SLV./ :INVENTORY RESTS AT 517.085 MILLION OZ //
DEC 9/WITH SILVER UP $2.41/HUGE CHANGES IN SILVER AT THE SLV: A HUGE WITHDRAWAL OF 1.179 MILLION OZ OUT THE SLV./ :INVENTORY RESTS AT 510.828 MILLION OZ //
DEC 8/WITH SILVER DOWN $0.48/HUGE CHANGES IN SILVER AT THE SLV: A HUGE WITHDRAWAL OF 5.497 MILLION OZ OUT THE SLV./ :INVENTORY RESTS AT 512.007 MILLION OZ //
DEC 5/WITH SILVER UP 0.39/HUGE CHANGES IN SILVER AT THE SLV: A HUGE DEPOSIT OF 3.083 MILLION OZ INTO THE SLV./ :INVENTORY RESTS AT 517.448 MILLION OZ //
DEC 4/WITH SILVER DOWN $1.12/HUGE CHANGES IN SILVER AT THE SLV: A HUGE DEPOSIT OF 4383 MILLION OZ INTO THE SLV./ :INVENTORY RESTS AT 514.365 MILLION OZ //
DEC 3/WITH SILVER UP $0.23/HUGE CHANGES IN SILVER AT THE SLV: A HUGE DEPOSIT OF 1.956 MILLION OZ INTO THE SLV./ :INVENTORY RESTS AT 510.012 MILLION OZ //
DEC 2/WITH SILVER DOWN $0.65 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A MASSIVE AND FRAUDLUENT PAPER DEPOSIT OF 6.167 MILLION OZ INTO THE SLV./ :INVENTORY RESTS AT 508.057 MILLION OZ //
DEC 1/WITH SILVER UP $2.21 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 907,000 OZ INTO THE SLV./ :INVENTORY RESTS AT 501.890 MILLION OZ //
NOV28/WITH SILVER UP $3.28 TODAY/NO CHANGES IN SILVER AT THE SLV:/ :INVENTORY RESTS AT 500.983 MILLION OZ //
NOV26/WITH SILVER UP $1.86 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A MAMMOTH DEPOSIT OF 2.267 MILLION OZ INTO THE SLV/ :INVENTORY RESTS AT 500.983 MILLION OZ //
NOV25/WITH SILVER UP $0.69 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A MAMMOTH DEPOSIT OF 8.163 MILLION OZ INTO THE SLV/ :INVENTORY RESTS AT 498.716 MILLION OZ //THIS IS A FRAUDULENT TRANSACTION
NOV24/WITH SILVER UP $0.43 TODAY/SMALL CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 277,000, OZ OUT OF THE SLV/ :INVENTORY RESTS AT 490.553 MILLION OZ MILLION OZ
NOV21/WITH SILVER DOWN $0.53 TODAY/SMALL CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 635,000 OZ INTO THE SLV/ :INVENTORY RESTS AT 490.190 MILLION OZ MILLION OZ
NOV20/WITH SILVER DOWN $0.53 TODAY/NO CHANGES IN SILVER AT THE SLV: :INVENTORY RESTS AT 489.555 MILLION OZ MILLION OZ
CLOSING INVENTORY 525.598MILLION OZ OF SILVER…
PHYSICAL GOLD/SILVER
SILVER
1/PETER SCHIFF
JOHN RUBINO
jAMES RICKARDS
2. MATHEW PIEPENBURG/VON GREYERZ
ALASDAIR MACLEOD.
Credit is the basis of all economic activity
Understanding credit is vital if we are to navigate our way through the coming fiat currency crisis. Unfortunately, very few economists do.
| Alasdair MacleodJan 11∙Paid |
Credit is the least understood topic of economics, not just by the general public but by economists as well. A credit crisis is in the offing, in the form of a fiat currency collapse. But when even economists of the Austrian school, who at least have a better grasp of their science than post-Keynesian macroeconomists, tell us that the dollar is money and therefore not credit, they are not in a position to advise.
John Pierpont Moprgan in his evidence to Congress in 1912 had it right: Gold is money and all else is credit. Even under a gold standard, the dollar was credit, albeit technically a gold substitute. Even under a gold standard, gold was always held in reserve: hoarded, if you like, by individuals whose gold hoarding was minimised by faith in the currency. Faith, that is, that the conversion or credit issued by the issuer would always be freely exchangeable for gold at the predetermined rate.
This article reminds us of the relationship between credit, including currencies, and gold. It all goes back to Roman law from which our common laws arise.
Due to its abuse particularly by governments, it is credit which presents the greatest risk to our finances today. To appreciate why this is so requires an understanding of what credit represents, and how it differs from real money, which is physical gold without counterparty risk. Credit is always matched by debt: your financial asset is always someone else’s obligation. The collapse of credit’s value happens when a currency (which is also credit) is not attached by exchangeability to gold. That is the danger facing the entire dollar-based financial system today, now that we see the US dollar is ensnared in the US Government’s debt trap
Most people probably think that credit evolved after money in the form of coin, but that is incorrect. Credit existed long before, defined in the value of deliverable goods. A thousand years before Rome’s Twelve Tables, which was their first stab at common law, the Phoenicians traded throughout the Mediterranean and even as far as Cornwall, where they procured valuable tin. The Phoenicians would have had the same problems faced by businesses today. In order to undertake their trading ventures, they required credit because they faced costs before they hopefully returned from their voyages many months later with vendable products. However credit was referenced, from the outset there was another factor faced by a would-be debtor and that was the risk in his enterprise perceived by creditors and therefore the returns demanded.
As Demosthenes, the Greek orator and statesman, contemporary of Philip of Macedonia and his son Alexander at the same time as Rome promulgated the Twelve Tables, put it:
“If you were ignorant of this, that credit is the greatest capital of all towards the acquisition of wealth, you would be utterly ignorant.”
Perhaps even more so today, we rely on credit for every aspect of our lives. Legal money is hardly ever used — today never in the major advanced economies. But even in the past, it was subject to Gresham’s Law, hoarded and not spent.
Credit is synonymous with debt. It’s not just that we have banknotes and token coins (representative credit), and bank accounts (credit whether you are a depositor or borrower). But when you employ a workman, you enter into an obligation to pay him, which is your debt for which he allows you a matching credit until you discharge the obligation with another credit, either in the form of banknotes or a transfer of your credit at a bank to a credit at his bank.
Alternatively, you might buy an airline or rail ticket in advance. You pay with your credit at your bank and the airline or rail company credits you with an obligation to provide a service at a future date. If you promise your son that you will pay his university fees and give him an allowance, you are entering into an obligation with him, the promise of credits to cover his future debt obligations for as long as he attends the university. Every transaction, every promise, every guarantee involves credit with matching debt obligations. Demosthenes certainly had a point.
Legally, credit is an incorporeal asset in which all our financial wealth is represented. Ownership of gold is corporeal wealth in the form of common law money.
The distinction between corporeal money and incorporeal credit is that the former exists physically (it has a corpus), and the latter is always created between consenting parties in the form of an obligation by the debtor which has value for a creditor. The commentators who argue that bank credit should be banned appear to be unaware of this distinction, the true extent of credit in the economy, and the inequity and futility of banning dealers in credit, which is the function of a commercial bank. Nearly all trade would cease.
But debt and credit must anchor its value to something. At one level, it takes its value from a promise to deliver something else — a corporeal or other incorporeal property. But that assumes the purchasing power of credit is anchored. In history, the value-anchor was always a corporeal entity such as gold. Instead, today it is anchored to another incorporeal asset — central bank credit, or banknotes. In other words, the entire structure of national credit hinges on the government’s credibility as issuer of currency obligations.
Furthermore, each jurisdiction has credit values which refer to different currencies, diverse incorporeal liabilities in the form of central bank banknotes and bank deposits on the central bank’s balance sheet. A common corporeal gold standard has been replaced by potentially incorporeal chaos.
While the potential for chaos in credit values now exists, credit based solely on a government’s credibility can function for a considerable time. But we must recognise that the politicians have high demands placed upon them, which inevitably lead them to debauch the currency as a means of surreptitiously transferring wealth from the citizenry to the government so that it can discharge its obligations. In the last 80 years, they have even made a virtue of it, claiming variously that the quantity of credit should be expanded to stimulate economic activity, more recently to ensure that prices rise at a 2% rate to bring forward consumption, and to artificially cheapen borrowings at the expense of savers. Slowly but surely these inflationists have descended into the economics of unreason.
The effect on credit’s purchasing power relative to gold is illustrated in the chart below, which is of dollar credit relative to gold just in the last 25 years.
The dollar has lost all but 6.4 cents of its value expressed in corporeal money since the year 2000, continuing its declining trend, which is now accelerating. Since 1971, the dollar has lost over 99% of its value relative to gold, and sterling has lost even more. These currency debasements are measures of the loss of the value of subordinate credit to date under a dollar-based fiat currency regime.
Every transaction, every promise of a transaction, and every commitment to a future transaction have been devalued and will continue to be devalued so long as credit remains detached from corporeal money, which is gold.
With the other side of credit, which is debt, entering a period of increasing risk of default the value of credit is only just beginning to be questioned. Those whose wealth is entirely comprised of credit, which is virtually everyone, will find the value of that credit in real terms —that is gold — increasingly undermined by the risk attached to defaults.
The only course for wealth preservation is to own real, corporeal money, which legally and practicably is gold. And that is why the gold price denominated in fiat currencies appears to be rising faster. But it is not gold rising but fiat currencies entering their inevitable and final collapse.
CHRIS POWELL AND HIS GATA DISPATCHES
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS / AND TODAY;S 254
5. COMMODITY REPORT//:COPPER
Wave Of Costly Copper Thefts Threatens Public Safety, Experts Say
Monday, Jan 12, 2026 – 07:20 AM
Authored by Allen Stein via The Epoch Times,
With copper prices at new highs, attacks on communications and power networks have sharply increased, and telecommunications companies, power suppliers, and construction firms are sounding the alarm.
Copper was trading at roughly $6 per pound or $12,000 a ton at midday on Jan. 7, a more than 30 percent year-over-year increase, according to industry analyst MarketWatch.
The increase in price contributed to the more than 15,540 copper theft incidents in 2025, according to a report by the U.S. Telecommunication Association. The volume of thefts during the first half of the year was double the previous period.
“Today, bad actors typically target communications lines in search of copper,” the report stated.
“They steal encased copper cables and cut them into short lengths before burning them to remove the sheathing to reveal the raw copper inside.”
Copper thefts have caused entire buildings to lose power and left some streets without lights.
On Dec. 30, 2025, a copper theft in Elysian Park silenced the radios of Los Angeles Department of Transportation Officers, cutting off their communication and leaving them without emergency support.
In October, thieves stole $50,000 worth of copper wire from a telephone pole in Mission Hills, Los Angeles, disrupting service for Frontier and AT&T customers.
Police later apprehended two suspects allegedly linked to the crime.
In late January 2025, Solano Widenmann Leadership Academy in Vallejo, California, lost power, but it was no ordinary outage.
Thieves slipped into the building at night, stripped it of copper, and left behind a costly mess that shuttered the public K–8 school for two days and cost $200,000 in repairs.
Powerlines in Los Angeles on April 4, 2024. John Fredricks/The Epoch Times
In December 2025, the Loudoun County Sheriff’s Office in Maryland arrested three people linked to a copper theft ring responsible for more than $3 million in losses.
The arrests followed an eight-month investigation into reports of copper wire theft at utilities across the county and other areas.
In the last six months of 2025, police in Portland, Oregon, responded to a sharp increase in copper thefts.
“These thefts have significantly disrupted communication services—particularly landline connections—and impacted local businesses and emergency response systems,” according to the city’s website. The crimes caused more than $2 million in losses and damage across the city.
Wiring is stripped of its copper interior after an incident of theft in Los Angeles on April 4, 2024. John Fredricks/The Epoch Times
USTelecom said a key factor driving this activity is the ease with which thieves sell stolen materials and equipment to scrap metal dealers and resellers.
Often, this takes place with little oversight or accountability.
Todd Foreman, senior director of law enforcement outreach at the Recycled Materials Association (ReMA), noted that rising copper values have led to an increase in theft reports on scraptheftalert.com, a law enforcement resource.
Developed by ReMA, this tool enables users to notify the recycled materials industry of significant material thefts in the United States and Canada.
Once checked and approved, alerts are sent by email to all users who have signed up and are within 100 miles of where the theft happened.
Foreman said one recent case involved the theft of $18,000 worth of communications wiring. By using the online tool and working with community members, victims, and recyclers, police caught two suspects.
Wiring sits stripped of its copper interior after an incident of theft in Los Angeles on April 4, 2024. John Fredricks/The Epoch Times
Federal Communications Commissioner Olivia Trusty told officials in October 2025 that carriers such as Charter and AT&T are facing escalating attacks on their networks.
“These are not minor disruptions,” Trusty said. “They are major attacks on public safety, economic security, and national resilience.”
Because stealing copper poses a threat to national security, Trusty said Congress and law enforcement should make these thefts a top priority.
Telecoms Targeted
In 2025 alone, nationwide copper theft cost AT&T $76 million, with at least 8,700 incidents reported, a company spokesman told The Epoch Times.
These incidents turned off streetlights, cut phone and internet services, and cost several million dollars in repairs across the state.
“Copper theft and vandalism of communications infrastructure are serious criminal matters that disrupt services for our customers, public safety, and the community at large,” the spokesman said.
AT&T is now offering cash rewards for information that leads to arrests and convictions.
The company is offering $20,000 in California and Missouri, and $10,000 in the Dallas-Fort Worth area.
“This reward is more than an enforcement tool. It’s a call to action for communities to work together to protect the infrastructure that powers our daily lives,” the company said.
AT&T said it works with law enforcement to help ensure copper thieves are caught and held accountable.
“When copper theft occurs, AT&T acts as quickly and safely as possible to restore service to affected customers and communities,” the spokesman said.
“We regularly review and enhance the security of our infrastructure to help prevent these incidents.”
Workers repair a section of cable severed by vandals who stole 500 feet of copper cable from train tracks along the A subway line in New York City, on May 27, 2015. MTA/Marc A. Hermann via AP
The improvements include securing entry points to critical infrastructure, installing metal casings to protect wires, and locking or welding maintenance hole lids to prevent unauthorized access.
Verizon is also strengthening its network infrastructure by installing metal cages around critical cell sites and equipment, adding security cameras in high-risk areas, and enhancing perimeter fencing.
“Beyond raising awareness of this issue, we are rolling out robust and proactive theft reduction initiatives across our network,” a company spokesman told The Epoch Times.
It is also installing GPS tracking devices within network cables. If tampering occurs, the device immediately alerts Verizon’s Network Operations Center, which notifies police and local management.
A woman walks past a street light subjected to wire theft in Los Angeles on April 4, 2024. John Fredricks/The Epoch Times
The USTelecom report stressed that tackling the demand for stolen copper is just as crucial as protecting networks. It called for law enforcement, companies, and lawmakers to work together.
California Assembly Bill 476, signed by Gov. Gavin Newsom in late 2025, aims to curb copper wire theft by imposing new rules on scrap metal dealers.
The bipartisan law requires dealers to verify sellers’ identities, obtain signed statements, and maintain better records to protect critical systems and prevent stolen materials from being sold.
Other states have signed similar legislation, such as Minnesota’s copper theft law, which went into effect on Jan. 1, 2025.
The new law aims to prevent copper wire theft by requiring anyone selling scrap copper to hold a license.
* * *
5B. COMMODITY REPORT//SILVER/SILVER LEASE RATES:/SILVER
Shanghai silver inventories
Harvey and Chris,
The Shanghai Gold Exchange weekly silver inventory report was published today. It covers the period from 30 December to 7 January and there was a 215t reduction of inventory to 726t. This is apparently the lowest since July 2016, so nearly a decade.
Lease rates for silver in Shanghai remain over 20% and there is no sign of lease rates reducing in London from c7%/8%. On the face of it, they are unlikely to fall on this news.
Bob
END
Screenshot summarising silver arbitrage on 1kg bar NYC v Shanghai
Inbox
| Robert Lambourne |  2:42 AM (9 hours ago) | ||
| to me, Chris | |||
Harvey and Chris,
This was stuck in my outbox overnight.
This screenshot from a video published yesterday shows an idealised calculation of the arbitrage gap that has to be bridged to justify buying silver on Comex for $100 and transporting it to Shanghai and selling it there.
As you can see because of the VAT, insurance and freight a selling price of c$120 is required.
Regards,
Bob
Harvey and Chris,
This was stuck in my outbox overnight.
This screenshot from a video published yesterday shows an idealised calculation of the arbitrage gap that has to be bridged to justify buying silver on Comex for $100 and transporting it to Shanghai and selling it there.
As you can see because of the VAT, insurance and freight a selling price of c$120 is required.
Regards,
Bob
…
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SILVER COMMENTARIES
END
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 6.731
OFFSHORE YUAN: UP TO 6.9669
HANG SENG CLOSED UP 378.63 PTS OR 1.44%
2. Nikkei closed
WEST TEXAS INTERMEDIATE OIL UP 58.61
BRENT; 63.01
3. Europe stocks SO FAR: ALL MIXED
USA dollar INDEX UP TO 98.54 /// EURO RISES TO 1.1681 UP 58 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +2.084/ UP 1/4 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 157.84… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE ENDING OF THE YEN CARRY TRADE AGAIN AND THE REPATRIATION OF YEN DENOMINATED BONDS TRADING IN THE USA/EUROPE. JAPAN 30 YR BOND YIELD: 3.3964 DOWN 4 FULL BASIS PTS. AND STILL VERY TROUBLESOME
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR DOWN this morning
58.61 VS 63.01
3h European bond buying continues to push yields LOWER on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.8099 Italian 10 Yr bond yield DOWN to 3.438 SPAIN 10 YR BOND YIELD DOWN TO 3.241
3i Greek 10 year bond yield DOWN TO 3.358
3j Gold at $4562.00 Silver at: 83.83 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 32/100 roubles/dollar; ROUBLE AT 79.20
3m oil (WTI) into the 58dollar handle for WTI and 63 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 157.84 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.084% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.396 DOWN BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7976 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9316 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.
USA 10 YR BOND YIELD: 4.199 UP 3 BASIS PTS…
USA 30 YR BOND YIELD: 4.855 UP 2BASIS PTS/
USA 2 YR BOND YIELD: 3.543 UP 6 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 43.14UP 1 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.3900 UP 1 PTS
30 YR UK BOND YIELD: 5.128 UP 1 BASIS PTS
10 YR CANADA BOND YIELD: 3.393 DOWN 0 BASIS PTS
5 YR CANADA BOND YIELD: 2.932 DOWN 0 BASIS PTS.
1a New York OPENING REPORT
Stocks, Dollar Drop, Gold Jumps As Fed Probe, Iran Unrest Darken Mood
26 – 08:39 AM
“Sell America” is back: US equity futures and other US assets – including the dollar – are lower (even as Europe and Asia rise) while precious metals surge to new record highs after the DOJ subpoenaed the Fed and launched a criminal probe into Jerome Powell; ongoing protests in Iran are also denting sentiment. As of 8:15am, S&P 500 contracts are lower by 0.5%, Nasdaq down 0.7%. In premarket trading, credit card stocks are down following President Trump’s late Friday remarks on rate caps. The attack on the Fed has been felt on the US yield curve, with 10- and 30-year yields higher by 3bps and 4bps, respectively. The dollar is down versus most major currencies – Bloomberg Dollar Index lower by 0.3%. Swiss franc outperforms on haven appeal, yen unable to benefit amid the prospect for Japanese elections. Precious metals hit further record highs; gold up 1.7%, silver higher by over 5%; the former stalled ahead of $4,600/oz. Brent crude faded upside triggered by supply concerns from Iran, lower by 0.8%. Bitcoin down 0.2%.
In premarket trading, Mag 7 stocks are mostly lower (Apple +0.5%, Tesla -0.7%, Alphabet -0.7%, Microsoft -0.6%, Amazon -0.8%, Meta -0.8%, Nvidia -1%)
- Credit card companies and banks slide as President Donald Trump said credit-card lenders would be “in violation of the law” if the firms don’t cap interest rates at 10% for one year. Movers include American Express (AXP -4%), Capital One (COF -8%) and JPMorgan (JPM -2.5%).
- Precious metals and mining shares rally after the US threatened the Federal Reserve with a criminal indictment, undermining the dollar and sending gold and silver prices to record highs. Deadly protests in Iran and the possibility of a government overthrow also boosted demand for haven metals.
- Akamai Technologies Inc. (AKAM) rises 4.5% after Morgan Stanley upgraded the infrastructure software company by two notches, to overweight.
- Albemarle Corp. (ALB) gains 3.9% after analysts raised their price targets on the lithium producer as metal prices rally.
- Day One Biopharmaceuticals (DAWN) rises 20% after the drugmaker reported preliminary sales for its Ojemda cancer drug in the fourth quarter that topped expectations. The company also gave revenue guidance for 2026 that came ahead of the average analyst estimate.
- Shake Shack Inc. (SHAK) falls 5% after the burger chain reported preliminary revenue for the fourth quarter that missed the average analyst estimate.
- Soleno Therapeutics (SLNO) rises 4% after announcing some preliminary fourth quarter results.
- Sun Country Airlines Holdings Inc. (SNCY) jumps 15% after Allegiant Travel agreed to buy the company in a $1.5 billion cash-and-stock transaction, further driving consolidation in the US airline industry amid intensifying competition.
- UnitedHealth (UNH) slips 1% after the Wall Street Journal reported that a Senate committee investigating the company’s practices found that the health insurer deployed “aggressive tactics” to collect payment-boosting diagnoses for its Medicare Advantage members.
In other corporate news, shares in French biotech Abivax are surging amid speculation over a possible takeover. UBS said planned Swiss banking reforms are a threat to the national economy as pressure builds on the government to water down its proposals. Meta Platforms has shut down almost 550,000 accounts in Australia to comply with the country’s landmark social media ban for children.
Stock futures and the dollar fell as investors trimmed exposure to US assets after the Trump administration significantly escalated its attacks on the Federal Reserve. Longer-dated yields surged while gold hit a new high. In a video message, Powell said the threat of a US criminal indictment — related to his congressional testimony on renovations at the Fed’s HQ — was because of disagreement over monetary policy. While Trump faced immediate bipartisan pushback from key Republican Thom Tillis, the development is fueling concerns over Fed autonomy. Bloomberg Economics’ 2025 modeling of a hit to Fed independence is a helpful read.
“Concerns about the Fed’s independence have really been reinforced with the latest criminal investigation,” Jan Hatzius, chief economist at Goldman Sachs Group Inc., said at a strategy conference in London. “Our expectation, though, is that this is a committee decision. I have no doubt that in his remaining term as chair, Powell is going to make decisions based on the economic data.”
Geopolitics is also adding to the cautious mood, with haven assets like gold and silver rising to records amid deadly protests in Iran over the weekend (the attack on the Fed doesn’t help). Elsewhere, a group of European countries led by the UK and Germany is discussing plans for a military presence in Greenland.
Shares in banks stocks and credit card firms like American Express are sliding in premarket trading after Trump said lenders would be “in violation of the law” if the firms don’t cap interest rates at 10% for one year. Barclays Plc dropped as much as 4.8% in London, while Citigroup Inc., American Express Co. and Capital One Financial Corp. retreated in early US trading. And the rally in US bank stocks will be tested this week when big Wall Street names report results. Top of mind will be consumer lending, with the data potentially clouded by the government shutdown.
While JPMorgan, Citigroup and Bank of America are expected to post slower revenue growth as trading gains ease from the elevated levels experienced in recent quarters, investment-banking fees are likely to remain robust following a wave of deals, with upbeat projections for 2026.
“US banks have performed pretty well during the past quarter, so I’ll be looking into whether this earnings season provides confirmation,” said Andrea Tueni, head of sales trading at Saxo Banque France. “If that’s the case, the sector may actually become one of the drivers of this year.”
Goldman Sachs strategists expect S&P 500 companies to report fourth quarter year-over-year sales growth above the 6% consensus estimate. They also forecast 2026 EPS growth of 12% to $305, driven by sales growth of 7% alongside margin expansion of 70 bps. Economy-linked cyclical sectors are likely to outperform in 2026, driven by a supportive trade off between growth and inflation, according to JPMorgan strategists.
Citi strategists led by Beata Manthey expect diversification away from US stocks to continue this year, with European fiscal spending, reflation in Japan and widespread AI adoption supporting flows elsewhere. Today’s Taking Stock looks at positioning: Cash levels at asset managers are sending a sell signal while the general mood is pretty bullish. That may make the market prone to setbacks, but something would really need to break to trigger a proper drawdown.
Elsewhere, US consumers probably experienced a modest pickup in inflation in December, consistent with price pressures that are gradually abating. Core CPI is seen rising 2.7% in December from a year earlier, with economists expecting 0.3% increases in both overall and core prices on a monthly basis.
Stocks in Europe have a mild negative tilt, Stoxx 600 down 0.1%. IBEX 35 lags, down 0.2%, DAX continues to outperform regional peers, higher by 0.4%. Miners outperform on elevated demand for havens, while travel and leisure stocks lag. Here are some of the biggest movers on Monday:
- Abivax shares surge as much as 31% to a record high as speculation mounts over a possible takeover of the French biotech.
- BE Semi shares rally as much as 9% after the chip equipment company reported preliminary orders of about €250m, beating analyst estimates amid a rapid rollout in AI data centers.
- Fresnillo shares climb as much as 7.1%, leading a rally in precious metals miners after gold and silver hit record highs as concerns over independence of the US Federal Reserve and protests in Iran drive demand for havens.
- Oxford Nanopore shares rise as much as 10%, the most in more than two months, after the British DNA-sequencing company said it expects to report 2025 revenue growth slightly ahead of guidance.
- BAE Systems shares rise as much as 3.1% to a record high as defense stocks rally on continuing Greenland tensions.
- Barclays shares fall as much as 4.8%, the most since October, as the bank is seen as exposed to President Donald Trump’s demand to cap credit card interest rates at 10% for one year.
- Heineken shares drop as much as 3.9%, the most since July, after the brewer said CEO and Chairman of the Executive Board Dolf Van den Brink would step down at the end of May.
- Impax Asset Management shares fall as much as 3.6% after the investment firm reported £1.6 billion net outflows for the quarter ended December 31, 2025.
- British Land shares fall as much as 3.3% as the commercial property group announces CEO Simon Carter is to step down to become CEO of P3 Logistics Parks, according to a statement.
Asian stocks rose as a rally in the region’s tech shares and a weaker US dollar boosted sentiment, helping offset broader concerns over rising geopolitical tensions. The MSCI Asia Pacific excluding Japan Index rose as much as 0.8%, poised to snap a three-day losing streak. Alibaba, Tencent and TSMC provided the biggest boosts to the gauge. Most markets were in the green, with Hong Kong-listed Chinese stocks and indexes in Taiwan and South Korea among key gainers. Japan was shut for a holiday. South Korea’s tech-heavy market extended its new-year rally, with the Kospi rising for a seventh session to a fresh record. It has been up in every session so far in 2026 and is less than 10% away from a much-touted 5,000 level.
In FX, the dollar is down versus most major currencies – Bloomberg Dollar Index lower by 0.3%. Swiss franc outperforms on haven appeal, yen unable to benefit amid the prospect for Japanese elections.
In rates, treasuries hold losses in early US trading led by long-end tenors ahead of an accelerated and compressed auction calendar that includes 3- and 10-year note sales Monday and a 30-year bond reopening Tuesday. Risk to Fed independence is a factor after Chair Powell’s response to Sunday’s revelation of a federal criminal investigation.US yields are 1bp-4bp cheaper on the day with 2s10s and 5s30s spreads both wider by more than 2bp. European debt is steadier, German 10 year yield down 1bps, UK up 1bps. US 10-year near 4.2% trails bunds and gilts in the sector by 4bp and 2bp. Monday’s Treasury auctions are $58 billion 3-year new issue at 11:30am and $39 billion 10-year reopening at 1pm; WI 3-year yield near 3.61% is less than 1bp richer than last month’s, which stopped through by 0.8bp; WI 10-year near 4.2% is 2.5bp cheaper than December’s result.IG credit new-issue calendar has begun to build; around $60 billion of supply is expected this week, following last week’s $90.2 billion haul, the fourth largest on record.
In commodities, precious metals hit further record highs; gold up 1.7% above 4600, silver higher by over 5% as repeated attacks on the Fed were a major factor aiding gold and silver in 2025, and that driver looks set to persist. Brent crude faded upside triggered by supply concerns from Iran, lower by 0.8%. Bitcoin down 0.2%.
“All the reasons that pushed it higher last year are still relevant this year, even more so given what we’re seeing on the geopolitical side,” said Peter Kinsella, head of foreign-currency strategy at Union Bancaire Privee SA. “A question I’m often asked is, ‘is it too late to buy gold?’ My answer is a resolute ‘no.’”
The US economic calendar is empty Monday, while ahead this week we gett CPI, PPI and retail sales data. Scheduled Fed speakers include Bostic (12:30pm), Barkin (12:45pm) and Williams (6pm). Five Below is expected to issue December sales before the market opens. JPMorgan Healthcare conference begins in San Francisco with Johnson & Johnson, Medtronic, Biogen and Pfizer among many companies presenting. Investors will also watch the Supreme Court’s next opinion day on Wednesday for a possible ruling on Trump’s tariffs. New York Fed President John Williams and Atlanta Fed President Raphael Bostic are set to speak on Monday.
Market Snapshot
- S&P 500 mini -0.6%
- Nasdaq 100 mini -0.9%
- Russell 2000 mini -0.5%
- Stoxx Europe 600 -0.2%
- DAX +0.1%
- CAC 40 -0.3%
- 10-year Treasury yield +3 basis points at 4.2%
- VIX +1.9 points at 16.4
- Bloomberg Dollar Index -0.2% at 1208.95
- euro +0.4% at $1.1678
- WTI crude -0.6% at $58.76/barrel
Top Overnight News
- Jerome Powell said the Fed was served grand jury subpoenas threatening criminal charges over his testimony on renovations at the central bank’s headquarters. He said the move was part of the administration’s “ongoing pressure” on interest rates. Republican Senator Thom Tillis vowed to oppose any Fed nominees until the matter is resolved. Donald Trump told NBC he had no knowledge of the DOJ’s investigation. BBG
- U.S. Treasury Secretary Scott Bessent on Friday said the goal of the Trump administration’s launch of mortgage-backed securities purchases is to roughly match the rate at which those bonds are rolling off the Federal Reserve’s balance sheet. RTRS
- Credit card and bank shares fell premarket after Trump doubled down on a demand that issuers lower rates to 10% by Jan. 20 and keep them there for a year. Capital One was down nearly 9%. BBG
- China overtook the US in investing abroad in the first half of 2025, signaling a historic shift in global capital flows. BBG
- A group of countries led by the UK and Germany is discussing plans for a military presence on Greenland to appease Trump and show that Europe is committed to Arctic security, people familiar said. BBG
- President Trump is scheduled to be briefed Tuesday on options to respond to the protests in Iran, according to U.S. officials, a sign the president is considering reprimanding the regime for its crackdown on demonstrators as he has repeatedly threatened. WSJ
- Iran warns it will hit American bases in the Middle East if the Pentagon launches strikes, along with Israel and regional shipping lanes. WSJ
- Israel and Hamas are preparing for renewed fighting as the Palestinian militant group is refusing to disarm, a requirement that is holding up progress on President Trump’s peace plan for Gaza. Israel’s military has drawn up plans for a new ground operation inside Hamas-controlled territory in Gaza. WSJ
- Exxon CEO Darren Woods offered the starkest assessment, telling Trump in the live-streamed meeting in the East Room that Venezuela is “uninvestable” under current conditions. He said major changes were needed before his company would return to the country, and that big questions remain about what return Exxon could expect from any investments. Politico
- Trump said he might block Exxon from drilling in Venezuela following comments by the Co.’s CEO: WSJ.
- Judge grants US FTC request to block Edwards Lifesciences Corp’s (EW) acquisition of JenaValve Technology Inc, via court records.
Trade/Tariffs
- India announces plans to conclude FTA with the EU during visit to the EU next week.
- EU Commission issues Guidance Document on submission of price undertaking offers for battery electric vehicles from China. “It covers various aspects to be addressed in a possible undertaking offer, including the minimum import price, sales channels, cross-compensation, and future investments in the EU.”.
- China’s Commerce Minister said the EU will release guidance document on submitting price commitment application, in regard to talks with EU on EV. EU will assess every price commitment application based on WTO rules.
- India’s Trade Minister said they are in the ‘final’ stages, in regards to trade deal with Europe.
- China is resuming its soybean auctions after a three-week pause to free storage while continuing US purchases under the trade truce.
- The US is to host a meeting on rare earths this week, according to Bloomberg.
Central Banks
- Federal prosecutors have opened up a criminal investigation into Fed Chair Powell over the central bank’s renovation of its Washington headquarters and whether Powell lied to Congress about the scope of the project, NYT reported citing officials.
- Fed Chair Powell said DoJ served the Fed with subpoenas, threatening indictment; Powell said he will continue to do the job. Fed Chairman Powell said the Department of Justice is threatening a criminal indictment against him. The Fed Chairman said it is about his testimony in front of the Senate Banking Committee last June, but called this a pretext. The Fed Chairman thinks this is really about interest rates saying, “The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.”.
- US President Trump denies involvement in the DoJ’s issuance of federal subpoena to the Fed; issued subpoenas unrelated to interest rates.
- US Senator Tillis criticises the move against Fed Chair Powell, and said he will “oppose the confirmation of any nominee for the Fed—including the upcoming Fed Chair vacancy—until this legal matter is resolved.
- Goldman Sachs expects the Fed to deliver 25bps cuts in June and September (vs. prior forecast of cuts in March and June).
- ECB’s Muller said there’s no reason to ease further in the near term and that rates have been in the right place for some time. Rates, however, could edge higher in a few years.
- ECB’s de Guindos said the USD is not behaving as a haven, at this point.
- ECB Bulletin: “Inside the food basket: what is behind recent food inflation?”; “Looking ahead, food inflation is expected to ease further, supported in the near term by easing selling price expectations”.
- Former PBoC Director of Statistics and Analysis Department Songcheng expects the central bank to take “small steps” toward monetary easing in the near future, Shanghai Securities News reported citing a speech.
- SARB is reportedly working on a review of its Prime Lending Rate, via Bloomberg. This has historically been fixed at the policy rate +350bps.
A more detailed look a global markets courtesy of Newsquawk
APAC stocks were mostly in the green, following on from the positivity seen stateside during Friday’s session. Japanese traders were away today amid a domestic holiday. ASX 200 saw gains of as much as 0.7% as the APAC session got underway but pared back slightly as XAU pulled back from new record highs. Despite spot XAU pulling back, gold miners outperformed, followed by consumer discretionary and energy. KOSPI was the Asian outperformer, with gains as much as 1.5% but the index completely reversed the move alongside further losses in tech-laden NQ. Hang Seng and Shanghai Comp conformed to the regional gains, although upside was capped amid a lack of major drivers for the bourses.
Top Asian News
- China Vanke (2202 HK) dollar bondholders have been advised to consider calling a default on the Cos noted, Bloomberg reported citing sources.
- China’s MOFCOM says its key priorities are to strengthen legal frameworks, improve export controls, and enhance risk prevention to safeguard supply chain resilience and national security.
European equities (STOXX 600 -0.2%) are trading mostly on the backfoot, in contrast to a mostly stronger APAC session. Sentiment appears to be subdued by Fed independence woes, after Federal prosecutors opened a criminal investigation into Chair Powell. European sectors are mixed. Leading sectors are Basic Resources (+0.6%), Food Beverage and Tobacco (+0.3%) and Retail (+0.3%). Basic Resources has been underpinned by stronger metal prices. On the downside, Autos (-0.9%), Banks (-0.9%) and Travel (-1.4%) lag, with the banking sector pressured by Trump’s credit card fee cap plan.
Top European News
- EU Sentix Index (Jan) -1.8 vs. Exp. -4.9 (Prev. -6.2)
- Swiss Consumer Confidence (Dec) -31 vs. Exp. -33 (Prev. -34).
FX
- DXY is under pressure this morning as Fed independence takes the limelight once again. Currently trading at the lower end of a 98.70-99.24 range, and just shy of its 200 DMA at 98.82. Further pressure for the index could see a test of its 100 DMA at 98.62.
- Downside for the USD this morning can be attributed to Fed independence woes. In brief, Federal prosecutors have opened up a criminal investigation into Fed Chair Powell over the central bank’s renovation of its Washington headquarters. As it stands, markets appear to be running with the “sell America” theme, with the USD & US equity futures lower and the curve steeper. The USD may also be pressured thanks to the affordability implications of Trump’s demand for credit card rates to be capped at 10%.
- JPY remains the only currency flat vs the USD, with USD/JPY currently trading within a 157.90 to 158.20 range. The JPY was pressured overnight amidst further reporting of PM Takaichi planning to dissolve the Lower House – as a reminder, this was first reported last Friday which spurred hefty upside in USD/JPY. Since, price action has stabilised with USD/JPY gradually moving back towards overnight troughs as the risk tone remains subdued.
- Other G10s are stronger against the USD to varying degrees. The Antipodeans are amongst the top performers, benefiting from the strength seen across the metals complex. The CHF appears to be the favoured haven this morning, and currently sits second in the G10 leaderboard.
Fixed Income
- Fixed benchmarks in proximity to the unchanged mark.
- Overnight, while modest, the bias was downward as the US yield curve steepens over Fed independence concerns and the narrative that a more dovish Fed now could lead to higher inflation and, by extension, higher rates further down the line.
- USTs at the low-end of a 112-02 to 112-11 band, posting losses of five ticks at most. Support resides at 111-31 from Friday, below that we look to 111-26 from late-August. By extension, the 10yr yield is at a 4.2% peak, just shy of last Friday’s 4.21% high. Thereafter, we return to levels from early-September/late-August when 4.35% printed (18th Aug.).
- In Europe, action is much the same. Bunds were unchanged for much of the session, but now incrementally firmer in 127.82 to 128.10 parameters. Elsewhere, Gilts opened near-enough unchanged before coming under modest pressure, echoing the above. At the low-end of a 92.30-53 band with downside of 18 ticks at most.
- OATs await Wednesday’s no-confidence motions against the French government re. Mercosur. On Wednesday, January 14th, two no-confidence motions will be placed against the government, one from the far-left (LFI) and another from the far-right (RN). Neither motion is expected to succeed, as LFI will not support RN and the Socialists (PS) will not support LFI. However, Politico has a line from a centrist official noting that “there could be an accident”. Amidst this, the OAT-Bund 10yr yield spread remains just above the 71bps mark and at the top-end of the 69-72bps 2026 range. OATs themselves trade in line with fixed income peers, as the updates around Fed Chair Powell dominate, and as such are near enough flat.
Commodities
- A softer start to the week for crude benchmarks, under modest pressure of c. 0.50/bbl at most to lows of USD 58.64/bbl and USD 62.89/bbl for WTI and Brent, respectively. Benchmarks spent APAC trade chopping in relatively wide bands in excess of USD 1.00/bbl. The complex began APAC firmer, peaking at USD 59.80/bbl and USD 64.00/bbl. Upside driven by increased geopolitical tensions, particularly relating to Iran. However, despite the escalatory remarks from POTUS that Iran is beginning to cross the line, the benchmarks failed to sustain early gains. Thereafter, they came under modest but notable pressure and slipped into the red.
- Spot gold opened on a slightly firmer footing, made a trough at USD 4,511.41/oz before gradually sauntering higher as the APAC session got underway. Thereafter, the yellow-metal surged beyond the USD 4.6k/oz mark, to make a fresh ATH at USD 4,601.19/oz. Since, spot gold has scaled back below USD 4.6k/oz, albeit it remains within a handful of dollars of that mark. Price action during European trade has been sideways.
- Upside for the yellow metal can be attributed to two points, which have attracted haven inflows. 1) Fed independence woes, and 2) heightened geopolitical tensions. Starting with the Fed, US Federal prosecutors have opened a criminal investigation into Fed Chair Powell over the central bank’s renovation of its Washington headquarters, and whether Powell lied to Congress about the scope of the project, NYT reported, citing officials. This has raised concerns among traders regarding the Fed’s independence, given Trump’s continued attempts to threaten Chair Powell’s job.
- Base metals have followed the metals sentiment, with 3M LME Copper currently higher by around +1.7% and towards the upper end of a USD 13,086-13,233/t range. In Shanghai, tin hit its daily limit, rising 8% to CNY 376,920/ton to set a new ATH.
- Kazakhstan oil shipments from the Black Sea CPC terminal halted on Saturday, Bloomberg reported citing sources, this caused crude intake into the pipeline system to stop.
- Hunan Silver has restarted production on 12th January, following the completion of its maintenance plans.
- Australian Resources Minister King said Australia is to have an operational critical minerals reserve by year-end.
- Trafigura CEO expects to load first vessel for Venezuelan oil exports to the US next week.
- China buys at least 10 cargoes of US soybeans for April-May shipment, according to traders.
Geopolitics: Ukraine
- Ukraine President Zelensky said US President Trump should enter a free trade deal with Ukraine.
- Over the weekend, Ukraine targeted three drilling platforms in the Caspian Sea owned by Lukoil. Elsewhere, Russian troops struck a Ukrainian military-industrial and energy facilities, according to TASS.
Geopolitics: Middle East
- US President Trump said Iran has proposed negotiations after US leader threatened action on Tehran for crackdown on protesters, AP News reported.
- US President Trump said the military is considering very strong options on Iran.
- An increase in the number of US planes near Iranian airspace, according to Israel’s Channel 14.
- US President Trump said Iran called to negotiate yesterday on nuclear, we may meet them.
- US President Trump said Iran has proposed negotiations after US leader threatened action on Tehran for crackdown on protesters, AP News reported.
- US President Trump said Iran called to negotiate yesterday on nuclear, we may meet them.
- An increase in the number of US planes near Iranian airspace, according to Israel’s Channel 14.
- US President Trump said “Iran is starting to cross it [Trump’s red line]”.
- US President Trump said the military is considering very strong options on Iran.
- Iran, in letter to UN, said US is to blame for the transformation of peaceful process into violent subversive acts and widespread vandalism.
- Iranian Foreign Ministry spokesperson Baghaei said communication with the US Special Envoy is open. Adds, they are ready to negotiate on the basis of mutual respect.
- US President Trump said in contact with Iranian opposition leaders.
Geopolitics: Other
- German Finance Minister Klingbeil said the transatlantic relationship “is disintegrating”, Die Zeit reported. Adds, We must further strengthen Europe, and we must do so much faster. The current pace is inadequate. European sovereignty now has top priority”.
- State Department Spokesperson said US Secretary of State Rubio spoke with Mexican Foreign Secretary de la Fuente today about the need for stronger cooperation against narcoterrorists and trafficking of fentanyl and weapons.
- US President Trump posted a picture in which he is labelled “Acting President of Venezuela”, via Truth Social.
- US President Trump said we are going to have Greenland, one way or another. We are talking about acquiring, not having short-term.
- US President Trump said working well with Venezuela’s leadership. Meeting with Machado is on Tuesday or Wednesday.
- Trump administration officials are set to meet with Danish officials about Greenland on Wednesday, diplomatic sources tell CBS News. Multiple European diplomats said that they increasingly understand that America’s commitment to the defence of Europe and NATO is no longer as ironclad as it has been over the past decades.
- Trump administration officials are set to meet with Danish officials about Greenland on Wednesday, diplomatic sources tell CBS News. Multiple European diplomats said that they increasingly understand that America’s commitment to the defence of Europe and NATO is no longer as ironclad as it has been over the past decades.
- North Korea accused South Korea of provocation via a drone, via local press.
US Event Calendar
DB’s Jim Reid concludes the overnight wrap
It’s hard to believe that we’ve only had one full week so far this year. A lot seems to have happened in a short space of time. For this week, the highlight will be the US CPI report for December and the start of US earnings season, both tomorrow. We may also get a ruling on the IEEPA tariffs from the Supreme Court (possibly Wednesday as that’s when the next “opinion day” from the Court arrives), and a meeting between US Secretary of State Marco Rubio with Danish and Greenland officials at some point this week. Also keep an eye on events in Iran where the nationwide anti-government protests that started on December 28th have become more violent with the US and Israel keeping a very close watch. We might also hear news of a snap Japanese election in the lower house, although with the next Parliamentary session starting on January 23rd we may have to wait for then on any official announcement. If that’s not enough, last night Fed Chair Powell disclosed that the Department of Justice issued a subpoena to the central bank on Friday, signaling the potential for a criminal indictment. In a video statement he stated that the threatened indictment pertains to his June testimony before the Senate regarding the renovation of Federal Reserve office buildings. He made it clear that he views the move as one aimed at influencing Fed independence. So remarkable stuff and all in all plenty of opportunities for big headlines over the coming days.
Turning to the week’s main data now, Tuesday’s December CPI report will capture most of the limelight. Our expectations are for this data to come in on the stronger side, unwinding some of the distortions induced by the government shutdown. Specifically, DB are looking for a 0.36% gain in headline CPI which would keep the year-over-year rate roughly unchanged (2.75% vs. 2.74%). As to core, DB expect a 0.35% gain (just barely rounding down to 0.3%), which would have the year-over-year rate increase by a rounded up two-tenths (2.77% vs. 2.63%).
Wednesday brings producer prices, covering October and November, forecast at +0.1% month-on-month for both months, and retail sales, expected to rebound by +0.4% after being flat in the prior month. For PPI, the read through for the categories that feed directly into core PCE will as ever be the most important part of the release.
The week closes with industrial production on Friday, pencilled in at +0.1%, signalling only incremental improvement in manufacturing output. The Fed’s Beige Book, also due Wednesday, will offer qualitative insights into demand, labour conditions, and pricing trends across districts, complementing the hard data. For the rest of the US data see the global day-by-day week ahead at the end as usual.
Beyond the US numbers, policy signals will be abundant. A roster of Fed officials—including Bostic, Barkin, Williams, Musalem, Kashkari, and Jefferson—are scheduled to speak throughout the week, providing markets with nuanced views on the balance of risks and the timing of potential rate adjustments. These remarks will be parsed against the backdrop of last week’s employment report, which showed the unemployment rate unexpectedly falling to 4.375%, with November’s reading revised down a tenth to 4.5%. This occurred alongside other decent employment data last week with a firmer quits rate, decent claims, and low Challenger layoff data. While these developments ease fears of a sharp labour market deterioration, payroll growth remains narrow and subdued. Headline payrolls were in line with DB expectation of 50k (consensus 70k) and private payrolls were only slightly below our expectations at 37k (consensus 75k), but after -76k of downward revisions to the prior two months, average monthly private payroll gains over the past three and six months are only 29k and 43k, respectively.
In terms of US earnings season, the major banks will lead the charge. JPMorgan Chase, Bank of New York Mellon, and Delta Air Lines report first tomorrow, followed by Citigroup, Bank of America, and Wells Fargo on Wednesday, and Goldman Sachs, Morgan Stanley, and BlackRock on Thursday, alongside TSMC for a global tech angle. Our equity strategists anticipate S&P 500 earnings growth rising to 15% year-on-year in Q4, up from 14% in Q3, implying average beats of 5.5% versus consensus, slightly above the historical norm of 4.9%. See their preview here.
Away from the US, Europe faces a lighter calendar, though Thursday’s UK November GDP will be closely watched for signs of stabilisation amid a soft recent growth narrative. Denmark’s December CPI today adds to the recent regional inflation picture, while the euro area releases industrial production and trade balance on Thursday. ECB speakers, including Guindos and Villeroy, will punctuate the discussion with policy nuance, complemented by Thursday’s Economic Bulletin.
In Asia, attention turns to China’s December trade balance on Wednesday, where exports are expected to slow to +4% year-on-year from +6%, reflecting softer global goods demand and ongoing electronics cycle normalisation. Japan’s data flow includes producer prices and machine too orders (Wednesday), seen unchanged at +2.7%, alongside the Economy Watchers survey (tomorrow). These releases will help shape expectations for BoJ policy calibration as the debate over normalisation continues. On Friday we saw widespread speculation that PM Takaichi may soon call snap lower house elections to capitalise on 70% approval ratings and try to boost its slim majority. This could put an election in early to mid February if called by the time parliament starts sitting on January 23rd. Given her expansive fiscal program it probably wasn’t a surprise to see the Yen hit a one-year intra-day low on Friday. It’s a holiday in Japan today so markets are closed but Nikkei equity futures are up +3.1% so it’s clear how markets view this but watch out for JGB yields in the days ahead. Bond futures are testing multi year lows again this morning.
Asian equity markets are opening the week higher even with S&P (-0.66%) and Nasdaq (-0.99%) futures lower on the Fed indictment story. The Hang Seng (+0.86%) is being driven by gains in the technology sector, alongside the Shanghai Composite (+0.83%) and the KOSPI (+0.30%).
Recapping last week now and markets started their first full week of 2026 in buoyant mood despite geopolitical developments, including Maduro’s removal and new US pressure around Greenland. The S&P 500 climbed +1.57% (+0.65% Friday) to a new all-time high, while the NASDAQ moved +1.88% higher (+0.81% Friday). There were a few notable sectoral stories. Oil services majors SLB (+12.44%) and Halliburton (+10.24%) led the gains for the S&P 500 energy sector (+2.13%) on the week following the Venezuela news and ensuing uptick in oil prices. Meanwhile, the S&P Aerospace & Defense index surged +10.56% amid the geopolitical volatility and President Trump’s proposal to increase the military budget to $1.5 trillion in 2027. More broadly, non-tech cyclical stocks outperformed, with the small cap Russell 2000 up +4.62% (+0.78% Friday), also supported by solid US data.
While the ISM manufacturing index, which came in at a 14-month low of 47.9 (vs. 48.4 expected), pointed to a weak manufacturing sector, more domestic-oriented data was more positive, as the services ISM hit a 14-month high of 54.4 (vs. 52.2 expected). The US labour market data was mixed but apart from a slightly disappointing payrolls print generally showed no alarms. That led pricing of a January Fed rate cut to decline to just 5%, with the amount of cuts priced by December falling to 52bps (-5.7bps on the week and -4.4bps Friday). This drove a significant flattening in Treasuries, with the 2yr yield rising +5.9bps to 3.53% (+4.4bps Friday), while the 10yr yield fell -2.6bps to 4.17% (-0.2bps Friday).
In Europe, softer-than-expected December CPI prints and PMI releases led investors to consider that the ECB might yet cut rates again this year. Sovereign bonds rallied, with 10yr bund yields down -3.7bps to 2.86%, with OATs (-8.8bps) and BTPs (-11.8bps) outperforming amid the risk-on mood. Gilts saw an even better performance, with the 2yr yield down -9.0bps and the 10yr yield -16.2bps to 4.37%. Equity markets put in a strong performance, helped by defence companies such as Rheinmetall (+18.60%) and BAE (+17.05%), with the STOXX 600 +2.27% (+0.97% Friday), the DAX +2.94% (+0.53% Friday), the FTSE 100 +1.74% (+0.80% Friday) all hitting new record highs. Credit also rallied, with EUR IG (-2bps) and HY (-13bps) credit spreads slightly outperforming their US counterparts (-1bps and -11bps respectively).
In commodities, precious metals continued to rally on the back of heightened geopolitical stress, with gold up +4.09% to above $4,500/oz, and silver +9.67% higher at $79.86/oz. Oil experienced high volatility, with Brent crude initially falling below $60/bbl due to more optimistic output expectations after Maduro’s removal. However, by Friday it had rebounded to $63.34/bbl (+4.26% on the week), including a +2.18% rise on Friday as Trump’s meeting with oil executives delivered no new investment promises for future Venezuelan production.
1B European opening report
DXY is pressured as Chair Powell faces a criminal investigation; Banking names hit after Trump’s move for cap credit – Newsquawk US Opening News
Monday, Jan 12, 2026 – 06:16 AM
- US Federal prosecutors have opened a criminal investigation into Fed Chair Powell over the central bank’s renovation of its Washington headquarters, and whether Powell lied to Congress about the scope of the project, NYT reported, citing officials.
- US President Trump said Iran has proposed negotiations after he threatened action against Tehran for the crackdown on protesters, AP News reported.
- US President Trump is to be briefed on Tuesday on “some kinetic and many non-kinetic” options in Iran, Politico reports, citing two administration officials.
- European bourses are broadly in the red alongside pressure in US equity futures; Banking names hit after Trump’s move to cap credit card interest rates.
- DXY is pressured as Chair Powell faces a criminal investigation, NZD benefits from strength in the underlying metals prices.
- US yield curve steepens on the Fed independence challenge, supply ahead.
- Spot gold printed an ATH above USD 4.6k/oz, with upside driven by Fed independence woes and geopols; Crude is on the backfoot despite rising tensions re. Iran.
- Looking ahead, speakers include Fed’s Bostic, and Barkin. Supply from the US.
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EUROPEAN TRADE
EQUITIES
- European equities (STOXX 600 -0.2%) are trading mostly on the backfoot, in contrast to a mostly stronger APAC session. Sentiment appears to be subdued by Fed independence woes, after Federal prosecutors opened a criminal investigation into Chair Powell.
- European sectors are mixed. Leading sectors are Basic Resources (+0.6%), Food Beverage and Tobacco (+0.3%) and Retail (+0.3%). Basic Resources has been underpinned by stronger metal prices. On the downside, Autos (-0.9%), Banks (-0.9%) and Travel (-1.4%) lag, with the banking sector pressured by Trump’s credit card fee cap plan.
- US equity futures are lower in the pre-market, with downside in all major indices. Large US banking companies like JP Morgan (-2.4%), Citi (-3.6%) and Bank of America (-1.5%) have seen their shares slide in the pre-market due to Trump’s credit card fee cap plan.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
FX
- DXY is under pressure this morning as Fed independence takes the limelight once again. Currently trading at the lower end of a 98.70-99.24 range, and just shy of its 200 DMA at 98.82. Further pressure for the index could see a test of its 100 DMA at 98.62.
- Downside for the USD this morning can be attributed to Fed independence woes. In brief, Federal prosecutors have opened up a criminal investigation into Fed Chair Powell over the central bank’s renovation of its Washington headquarters. As it stands, markets appear to be running with the “sell America” theme, with the USD & US equity futures lower and the curve steeper. The USD may also be pressured thanks to the affordability implications of Trump’s demand for credit card rates to be capped at 10%.
- JPY remains the only currency flat vs the USD, with USD/JPY currently trading within a 157.90 to 158.20 range. The JPY was pressured overnight amidst further reporting of PM Takaichi planning to dissolve the Lower House – as a reminder, this was first reported last Friday which spurred hefty upside in USD/JPY. Since, price action has stabilised with USD/JPY gradually moving back towards overnight troughs as the risk tone remains subdued.
- Other G10s are stronger against the USD to varying degrees. The Antipodeans are amongst the top performers, benefiting from the strength seen across the metals complex. The CHF appears to be the favoured haven this morning, and currently sits second in the G10 leaderboard.
FIXED INCOME
- Fixed benchmarks in proximity to the unchanged mark.
- Overnight, while modest, the bias was downward as the US yield curve steepens over Fed independence concerns and the narrative that a more dovish Fed now could lead to higher inflation and, by extension, higher rates further down the line.
- USTs at the low-end of a 112-02 to 112-11 band, posting losses of five ticks at most. Support resides at 111-31 from Friday, below that we look to 111-26 from late-August. By extension, the 10yr yield is at a 4.2% peak, just shy of last Friday’s 4.21% high. Thereafter, we return to levels from early-September/late-August when 4.35% printed (18th Aug.).
- In Europe, action is much the same. Bunds were unchanged for much of the session, but now incrementally firmer in 127.82 to 128.10 parameters. Elsewhere, Gilts opened near-enough unchanged before coming under modest pressure, echoing the above. At the low-end of a 92.30-53 band with downside of 18 ticks at most.
- OATs await Wednesday’s no-confidence motions against the French government re. Mercosur. On Wednesday, January 14th, two no-confidence motions will be placed against the government, one from the far-left (LFI) and another from the far-right (RN). Neither motion is expected to succeed, as LFI will not support RN and the Socialists (PS) will not support LFI. However, Politico has a line from a centrist official noting that “there could be an accident”. Amidst this, the OAT-Bund 10yr yield spread remains just above the 71bps mark and at the top-end of the 69-72bps 2026 range. OATs themselves trade in line with fixed income peers, as the updates around Fed Chair Powell dominate, and as such are near enough flat.
COMMODITIES
- A softer start to the week for crude benchmarks, under modest pressure of c. 0.50/bbl at most to lows of USD 58.64/bbl and USD 62.89/bbl for WTI and Brent, respectively. Benchmarks spent APAC trade chopping in relatively wide bands in excess of USD 1.00/bbl. The complex began APAC firmer, peaking at USD 59.80/bbl and USD 64.00/bbl. Upside driven by increased geopolitical tensions, particularly relating to Iran. However, despite the escalatory remarks from POTUS that Iran is beginning to cross the line, the benchmarks failed to sustain early gains. Thereafter, they came under modest but notable pressure and slipped into the red.
- Spot gold opened on a slightly firmer footing, made a trough at USD 4,511.41/oz before gradually sauntering higher as the APAC session got underway. Thereafter, the yellow-metal surged beyond the USD 4.6k/oz mark, to make a fresh ATH at USD 4,601.19/oz. Since, spot gold has scaled back below USD 4.6k/oz, albeit it remains within a handful of dollars of that mark. Price action during European trade has been sideways.
- Upside for the yellow metal can be attributed to two points, which have attracted haven inflows. 1) Fed independence woes, and 2) heightened geopolitical tensions. Starting with the Fed, US Federal prosecutors have opened a criminal investigation into Fed Chair Powell over the central bank’s renovation of its Washington headquarters, and whether Powell lied to Congress about the scope of the project, NYT reported, citing officials. This has raised concerns among traders regarding the Fed’s independence, given Trump’s continued attempts to threaten Chair Powell’s job.
- Base metals have followed the metals sentiment, with 3M LME Copper currently higher by around +1.7% and towards the upper end of a USD 13,086-13,233/t range. In Shanghai, tin hit its daily limit, rising 8% to CNY 376,920/ton to set a new ATH.
- Kazakhstan oil shipments from the Black Sea CPC terminal halted on Saturday, Bloomberg reported citing sources, this caused crude intake into the pipeline system to stop.
- Hunan Silver has restarted production on 12th January, following the completion of its maintenance plans.
- Australian Resources Minister King said Australia is to have an operational critical minerals reserve by year-end.
- Trafigura CEO expects to load first vessel for Venezuelan oil exports to the US next week.
- China buys at least 10 cargoes of US soybeans for April-May shipment, according to traders.
TRADE/TARIFFS
- India announces plans to conclude FTA with the EU during visit to the EU next week.
- EU Commission issues Guidance Document on submission of price undertaking offers for battery electric vehicles from China. “It covers various aspects to be addressed in a possible undertaking offer, including the minimum import price, sales channels, cross-compensation, and future investments in the EU.”.
- China’s Commerce Minister said the EU will release guidance document on submitting price commitment application, in regard to talks with EU on EV. EU will assess every price commitment application based on WTO rules.
- India’s Trade Minister said they are in the ‘final’ stages, in regards to trade deal with Europe.
- China is resuming its soybean auctions after a three-week pause to free storage while continuing US purchases under the trade truce.
- The US is to host a meeting on rare earths this week, according to Bloomberg.
NOTABLE EUROPEAN DATA RECAP
- EU Sentix Index (Jan) -1.8 vs. Exp. -4.9 (Prev. -6.2)
- Swiss Consumer Confidence (Dec) -31 vs. Exp. -33 (Prev. -34).
CENTRAL BANKS
- Federal prosecutors have opened up a criminal investigation into Fed Chair Powell over the central bank’s renovation of its Washington headquarters and whether Powell lied to Congress about the scope of the project, NYT reported citing officials.
- Fed Chair Powell said DoJ served the Fed with subpoenas, threatening indictment; Powell said he will continue to do the job. Fed Chairman Powell said the Department of Justice is threatening a criminal indictment against him. The Fed Chairman said it is about his testimony in front of the Senate Banking Committee last June, but called this a pretext. The Fed Chairman thinks this is really about interest rates saying, “The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.”.
- US President Trump denies involvement in the DoJ’s issuance of federal subpoena to the Fed; issued subpoenas unrelated to interest rates.
- US Senator Tillis criticises the move against Fed Chair Powell, and said he will “oppose the confirmation of any nominee for the Fed—including the upcoming Fed Chair vacancy—until this legal matter is resolved.
- Goldman Sachs expects the Fed to deliver 25bps cuts in June and September (vs. prior forecast of cuts in March and June).
- ECB’s Muller said there’s no reason to ease further in the near term and that rates have been in the right place for some time. Rates, however, could edge higher in a few years.
- ECB’s de Guindos said the USD is not behaving as a haven, at this point.
- ECB Bulletin: “Inside the food basket: what is behind recent food inflation?”; “Looking ahead, food inflation is expected to ease further, supported in the near term by easing selling price expectations”.
- Former PBoC Director of Statistics and Analysis Department Songcheng expects the central bank to take “small steps” toward monetary easing in the near future, Shanghai Securities News reported citing a speech.
- SARB is reportedly working on a review of its Prime Lending Rate, via Bloomberg. This has historically been fixed at the policy rate +350bps.
NOTABLE US HEADLINES
- US GOP policymakers are reportedly getting behind a stock-trading clampdown which aims to alleviate concerns related to lawmakers profiting off insider information, via WSJ
- US President Trump is to meet with US Secretary of State Rubio at 15:30GMT/10:30EST.
- US President Trump said he is going to Detroit to talk about car factories opening up.
- US President Trump said he might veto extension of health insurance subsidies.
- US President Trump said jobs report today was an amazing report; on posting data early, they gave me some numbers, and when they do, I post.
- US President Trump said on January 30th, there may be another shutdown; we’ll see.
- US President Trump said credit card companies will be in violation of law if they do not comply on interest rate cap by January 20th.
NOTABLE US EQUITY HEADLINES
- US President Trump said he might block Exxon (XOM) from drilling in Venezuela following comments by the Co.’s CEO, according to the WSJ.
- White House said it was displeased with Exxon’s (XOM) reaction; Officials hint that Exxon might be kept out with regards to Venezuela.
- Judge grants US FTC request to block Edwards Lifesciences Corp’s (EW) acquisition of JenaValve Technology Inc, via court records.
GEOPOLITICS
RUSSIA-UKRAINE
- Ukraine President Zelensky said US President Trump should enter a free trade deal with Ukraine.
- Over the weekend, Ukraine targeted three drilling platforms in the Caspian Sea owned by Lukoil. Elsewhere, Russian troops struck a Ukrainian military-industrial and energy facilities, according to TASS.
MIDDLE EAST
- US President Trump said Iran has proposed negotiations after US leader threatened action on Tehran for crackdown on protesters, AP News reported.
- US President Trump said the military is considering very strong options on Iran.
- An increase in the number of US planes near Iranian airspace, according to Israel’s Channel 14.
- US President Trump said Iran called to negotiate yesterday on nuclear, we may meet them.
- US President Trump said Iran has proposed negotiations after US leader threatened action on Tehran for crackdown on protesters, AP News reported.
- US President Trump said Iran called to negotiate yesterday on nuclear, we may meet them.
- An increase in the number of US planes near Iranian airspace, according to Israel’s Channel 14.
- US President Trump said “Iran is starting to cross it [Trump’s red line]”.
- US President Trump said the military is considering very strong options on Iran.
- Iran, in letter to UN, said US is to blame for the transformation of peaceful process into violent subversive acts and widespread vandalism.
- Iranian Foreign Ministry spokesperson Baghaei said communication with the US Special Envoy is open. Adds, they are ready to negotiate on the basis of mutual respect.
- US President Trump said in contact with Iranian opposition leaders.
OTHERS
- German Finance Minister Klingbeil said the transatlantic relationship “is disintegrating”, Die Zeit reported. Adds, We must further strengthen Europe, and we must do so much faster. The current pace is inadequate. European sovereignty now has top priority”.
- State Department Spokesperson said US Secretary of State Rubio spoke with Mexican Foreign Secretary de la Fuente today about the need for stronger cooperation against narcoterrorists and trafficking of fentanyl and weapons.
- US President Trump posted a picture in which he is labelled “Acting President of Venezuela”, via Truth Social.
- US President Trump said we are going to have Greenland, one way or another. We are talking about acquiring, not having short-term.
- US President Trump said working well with Venezuela’s leadership. Meeting with Machado is on Tuesday or Wednesday.
- Trump administration officials are set to meet with Danish officials about Greenland on Wednesday, diplomatic sources tell CBS News. Multiple European diplomats said that they increasingly understand that America’s commitment to the defence of Europe and NATO is no longer as ironclad as it has been over the past decades.
- Trump administration officials are set to meet with Danish officials about Greenland on Wednesday, diplomatic sources tell CBS News. Multiple European diplomats said that they increasingly understand that America’s commitment to the defence of Europe and NATO is no longer as ironclad as it has been over the past decades.
- North Korea accused South Korea of provocation via a drone, via local press.
CRYPTO
- Bitcoin is a little lower and trades just above the USD 90k mark; Ethereum moves higher, to currently trade just above the USD 3.1k mark.
APAC TRADE
- APAC stocks were mostly in the green, following on from the positivity seen stateside during Friday’s session. Japanese traders were away today amid a domestic holiday.
- ASX 200 saw gains of as much as 0.7% as the APAC session got underway but pared back slightly as XAU pulled back from new record highs. Despite spot XAU pulling back, gold miners outperformed, followed by consumer discretionary and energy.
- KOSPI was the Asian outperformer, with gains as much as 1.5% but the index completely reversed the move alongside further losses in tech-laden NQ.
- Hang Seng and Shanghai Comp conformed to the regional gains, although upside was capped amid a lack of major drivers for the bourses.
NOTABLE ASIA-PAC HEADLINES
- China Vanke (2202 HK) dollar bondholders have been advised to consider calling a default on the Cos noted, Bloomberg reported citing sources.
- China’s MOFCOM says its key priorities are to strengthen legal frameworks, improve export controls, and enhance risk prevention to safeguard supply chain resilience and national security.
NOTABLE APAC DATA RECAP
- Australian Household Spending MoM (Nov) M/M 1.0% vs. Exp. 0.6% (Prev. 1.3% ).
- Australian ANZ-Indeed Job Advertisements MoM (Dec) M/M -0.5% vs. Exp. 0.5% (Prev. -0.8%).
- Australian Household Spending YoY (Nov) Y/Y 6.3% vs. Exp. 5.7% (Prev. 5.7% , Rev. 5.6% ).
1c Asian opening report
2b. JAPAN
3. CHINA/
CHINA//BRICS
BRICS Flexes With China-Led Joint Naval Drills Soon After Maduro Ousting
Sunday, Jan 11, 2026 – 08:45 AM
The multi-national “Will for Peace 2026” naval exercises began Saturday off the coast of Cape Town, hosted by South Africa, and is set to run for one week. It is widely being described as a BRICS and “BRICS+” naval drill and saw a Russian warship arrive off South Africa’s primary naval base on Friday.
The Russians joined Chinese and Iranian vessels for the drills, along with other BRICS members Indonesia, Ethiopia and Brazil – which participated as observers. The nation heading up the drill is China, and it’s being seen as an attempt of BRICS and Global South countries to flex their collective military might in the wake of the Trump-ordered ousting of Venezuela’s Nicolás Maduro. The other members of the bloc – India, Egypt and Saudi Arabia – are not represented at the drills.
Naturally it is especially Iran which could be a ripe target for the next Trump regime change action, as it’s not yet gone nuclear. But Tehran wants to showcase its much more powerful nuclear-armed friends China and Russia, which have defense and economic cooperation agreements with the Islamic Republic.
South Africa’s defense force has described that the exercises will allow participating navies “to exchange best practices and improve joint operational capabilities, which contributes to the safety of shipping routes and overall regional maritime stability.”
This will make already somewhat strained relations with Washington even more delicate for Pretoria. With this US relationship in mind, a separate statement emphasized that the drills were organized and agreed to significantly before last weekend’s US strikes on Venezuela.
But tensions have ratcheted particularly after Washington expelled South Africa’s ambassador last year and slapped the country with 30% trade tariffs. The Trump administration has also long complained about violent persecution against South Africa’s minority White farmer population.
BBC provides some further background as follows:
Some commentators have questioned why Brics+ members are carrying out military exercises together, given the grouping is an economic alliance. “There are members of Brics+ that are diametrically opposed to each other politically and even have hot border skirmishes between them,” defence analyst Dean Wingrin told the BBC.
It is not the first time South Africa has had naval exercises with China and Russia. The first was called “Mosi”, which means “smoke” in South Africa’s Tswana language, and took place in 2019 with little fanfare.
But as for wanting to distance itself from being seen as ‘too close’ to China and Russia, a South African Defense Ministry official has described to AFP, “Let us not press panic buttons because the USA has got a problem with countries,” and that “Those are not our enemies” – in vague reference to the US and Western alliance.
“Let’s focus on cooperating with the BRICS countries and make sure that our seas, especially the Indian Ocean and Atlantic, they are safe,” the official added.
END
China ‘Made A Real Mistake’ With Rare Earth Threats: Bessent
Sunday, Nov 02, 2025 – 08:10 AM
Authored by Tom Ozimek via The Epoch Times (emphasis ours),
Treasury Secretary Scott Bessent said China “made a real mistake” by threatening to restrict exports of rare earth minerals, adding that Beijing’s move has jolted the United States and its allies to fast-track efforts to secure new sources within the next two years.
In an interview published by the Financial Times on Oct. 31, Bessent said China had drawn global attention to its willingness to use critical minerals as leverage.
“China has alerted everyone to the danger. They’ve made a real mistake,” he told the newspaper.
“It’s one thing to put the gun on the table. It’s another thing to fire shots in the air.”
China imposed new controls on the export of technologies and materials linked to rare earth elements in early October. The restrictions rattled markets, upended supply chains, and became a major sticking point in trade negotiations between Washington and Beijing.
Following this week’s meeting between President Donald Trump and Chinese leader Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in South Korea, China announced that it would suspend the restrictions for one year.
“I think the Chinese leadership were slightly alarmed by the global backlash to their export controls,” Bessent told the Financial Times.
The Treasury chief said the United States and China had reached an understanding that would stabilize relations in the near term, while expressing the conviction that Beijing’s influence in the critical minerals sector would quickly fade.
“There’s an agreement that, ceteris paribus, we have reached an equilibrium, and we can operate within that equilibrium over the next 12 months,” Bessent said.
“I don’t think they’re able to do it now because we have offsetting measures.”
He said that China’s ability to use rare earths as a coercive tool would not last more than a 12- to 24-month period, underscoring the Trump administration’s efforts to diversify the U.S. supply chain through new mining and refining operations, including through partnerships in Southeast Asia and allied countries.
The suspension of Beijing’s controls also extends beyond U.S. markets.
European Union Trade Commissioner Maros Sefcovic said on Nov. 1 that Chinese officials at the Ministry of Commerce informed their European counterparts that the pause also applies to the EU.
“China confirmed that the suspension of the October export controls applies to the EU,” Sefcovic wrote on X, adding that “both sides reaffirmed commitment to continue engagement on improving the implementation of export control policies.”
Rare Earth Tensions
China first weaponized rare earths by imposing export controls on Japan during a diplomatic dispute in 2010, sending shockwaves through the global manufacturing sector. The rare earths sector remains one of the world’s most concentrated supply chains, with China dominating approximately 70 percent of global production and a significantly larger share of processing capacity.
Starting in 2023, China began imposing export restrictions on strategic materials to the United States, including substances like antimony, germanium, and tungsten. This prompted the Select Committee on the Strategic Competition between the United States and the Chinese Communist Party to release a report recommending that Congress incentivize domestic production of rare earth element magnets, which are the key end-use for rare earth elements.
Since taking office for a second term, President Donald Trump has sought to boost domestic production of strategic materials, including by fast-tracking permitting for critical mineral mining projects and pledging hundreds of millions of dollars to U.S. producers as his administration seeks to break China’s grip on supply.
In April 2025, China expanded its export control list to include seven rare earths and magnets made from three of them. This followed Trump’s steep tariffs on Chinese goods as part of efforts to rebalance what his administration calls unfair trade relations, as well as to curb the flow of fentanyl into the United States.
Since then, volatility in rare earth shipments to the United States has intensified, though a July framework between Washington and Beijing briefly eased tensions by providing a 90-day tariff pause meant to stabilize flows.
In September, Bessent said that the United States was “not without levers” in the rare earths dispute with China, noting that there were “plenty of products that they depend on us for,” including aircraft engines, parts, chemicals, plastics, and silicon ingredients.
In mid-October, the Treasury chief noted that rare earth shipments from China had once again slowed and said that it was the United States’ priority to work with allies to “de-risk and diversify supply chains away from China as quickly as possible.”
While Bessent said at the time that it was not the Trump administration’s desire to sever trade ties entirely with Beijing over the dispute of supplies of critical materials, he said that the United States and its allies may have no choice but to “decouple” if China “wants to be an unreliable partner to the world.”
END
4 EUROPEAN/NATO AFFAIRS/SCANDINAVIA
GERMANY
Germany’s High-Tech Agenda: Trapped In The Subsidy Loop
Sunday, Nov 02, 2025 – 08:45 AM
Submitted by Thomas Kolbe
Germany is falling behind in the economy’s future fields. Whether artificial intelligence, autonomous driving, biotech or quantum technology – the US and China are making the headlines. A high-tech agenda by the federal government is meant to close this gap.
On Wednesday, Chancellor Friedrich Merz and Research Minister Dorothee Bär presented the federal government’s high-tech agenda in Berlin. At the centre of the initiative is a state subsidy fund that is intended to kick-start pre-selected high-technology projects such as artificial intelligence in the future.
Of course — how could it be different — green projects, climate-neutral approaches in the fields of quantum technology, mobility and other so-called future fields are at the forefront of the political engagement.
Subsidy pot and governance
The technology fund is to make available up to €2 billion by 2029. “We want to close the technological gap to the US,” demanded Chancellor Merz — with more competition, less bureaucracy and technology-open processes, the Chancellor said.
That competition gap is by now so wide that international investors barely find Europe on their strategic map.
The tech initiative is accompanied, as always, by political buzzwords such as the necessary reduction of bureaucracy and fast approval procedures.
That sounds charming, it sounds citizen-friendly and above all it suggests an interest in the flourishing of the Mittelstand — a media evergreen.
But beneath the slick presentation paper lies the same old playbook: A problem has been identified, a tailor-made subsidy pot filled with fresh credit — always aligned with the political-ideological line of climate regulation. Understanding of market-economic dynamics, open markets or technology-neutrality? None.
Even Merz’s repeated lip service to competitiveness and free-market economy changes nothing: the federal government ignores the real capital market until Germany has finally disappeared from the international high-tech radar.
Competitiveness as a complex problem
Competitiveness of an economy is a tricky matter. Sometimes it’s skill shortages, sometimes lack of investment capital. Then again regulations, fiscal burdens or lack of access to resources weigh on firms’ performance. In Germany’s case, indeed each of those conditions seems to be fulfilled.
Well-educated young Germans are leaving the country in droves. Foreign direct investment flows elsewhere. China threatens to turn off the resource tap — and from the Kafkaesque regulatory work, the overflowing bureaucracy and the ever-rising burdens on companies and employees we have reported regularly.
Germany would have to start very small as a provider of niche products in the competition environment. To put the problem in perspective: The gulf between Germany’s economy and the US in artificial intelligence and the booming data-centres is enormous.
This year alone, Microsoft is pumping $80 billion into its AI data-centres, Google follows with $75 billion, Meta with $65 billion. The entire sector in the US invests year after year well over a half-trillion dollars in its high-technology infrastructure — driven by the free-market process of a largely deregulated economy.
Here lies the secret of success. Europe’s political experiments — be it censorship or the threatened taxation of US digital platforms like recently demanded by Culture Minister Wolfram Weimar — will not change anything about the competitive situation of German firms.
Innovation does not emerge through political subsidy packages, regulation or fiscal harassment, but through massive, consistent investments by the private economy in free markets, which make high-tech a locational advantage.
Germany way behind
How far the German business location is lagging is shown by the example of Deutsche Telekom: Together with the US company NVIDIA it is “only” investing a billion euros in an AI data-centre in Munich. In contrast stands Intel, which simply rejected a €10 billion subsidy and decided against locating chip production in Magdeburg.
A case study of the real problems of the location: too high energy costs, crushing regulation, fiscally unattractive. Here it becomes clear that political subsidy packages alone cannot close the gap to the global frontrunners. They are rather counterproductive, because they politically-selectively weaken competition and tie up capital.
If one wants to be internationally competitive, one needs market-economic framework conditions that don’t deter companies, but attract them.
In the wrong company
The complaint from the economy across the land always sounds the same: The location lacks competitiveness massively. The criticism of the German corporations — because only here you still meet chancellor and ministers regularly in dialogue — at least seems to bear fruit in the diagnosis work. Both the Chancellor and Economy Minister Katherina Reiche stressed last week in unison the competitive gap that has opened up between the German economy and the leading locations — above all the US and China.
Too expensive, too over-regulated, too slow, concluded Friedrich Merz yesterday in his Berlin speech. It cannot go on like this. Administrative tasks, approval procedures, general bureaucratic processes must become leaner. Overall there must prevail a different competitive climate, said the Chancellor.
In principle with politics it’s always the same problem. It is of course more effective in the media to address the large industry. Here one bundles the forces of joint media work, known names, familiar faces. That sells well. The structural problems we see in the Mittelstand. Here are the problems that the grotesque regulatory work of Brussels and Berlin produce, felt day by day.
Here it leads to distortions and significant burdens in the cost structure when an export business is encumbered by a supply-chain law or the European deforestation regulation. Big corporations have their own administration department and are in fact indirect beneficiaries of regulatory work, because they suppress annoying competition.
Politics on the wrong track
And so we experience the repeat of the always same: Shocked outrage at Germany’s economic weakness, full-blooded reform announcements to reassure the public, only to immediately return to business as usual and keep the course.
It cannot be denied that of the gaily announced initiative to reduce bureaucracy — which was meant to relieve the German economy up to €16 billion or 25 % of the bureaucratic burdens per year — nothing remains. Merz wanted to save eight percent of public-service personnel to relieve the state budget — a nice dream and a typical Merz number: full-blooded announcements that then, in hope that soon other topics will cover them, dissipate in the wave of the daily press spectacle.
But from all the appearances of the Chancellor, his Finance Minister Lars Klingbeil and the Economy Minister nevertheless a last hope glimmers through. The big debt-package, camouflaged under the euphemism of the “special asset”, is now supposed to bring the great turnaround.
As Lars Klingbeil said a week ago in New York during the UN-Congress: For companies a unique window of opportunity is opening — enabled by the massive engagement of the state in the coming years. The calculation is simple: subsidies, price guarantees, aid to the exploding energy costs shall brighten individual corporate balance sheets.
Merz should have discussed with Intel’s management in depth about the German location. What must go wrong, so that a firm — despite its internal problems — rejects a €10 billion subsidy, which would have carried about a third of the total investment, and instead prefers the US location?
As long as politics cannot give a substantive answer to this question, nothing will change about Germany’s decline and the downfall of the European Union.
END
UK, Germany, France Push New Plan To Appease Trump On Greenland
Monday, Jan 12, 2026 – 09:45 AM
President Trump’s Friday’s remarks to reporters Friday made clear he is willing to take control of Greenland – even if it’s the “hard way” – and this sent the Europeans scrambling over the weekend to come up with plans or strategies for quickly de-escalating inter-NATO tensions.
“I’m not talking about money for Greenland yet. I might talk about that. But right now we are going to do something on Greenland, whether they like it or not,” the President had said, adding: “I would like to make a deal. You know, the easy way. But if we don’t do it the easy way, we’re going to do it the hard way.”
In the wake of this, NATO member Denmark responded firmly in the face of the US threat to its colony. Such a scenario as a US military move on Greenland would be the collapse of NATO, Danish Prime Minister Mette Frederiksen has made clear. Among the remarks from last week, Frederiksen said, “If the United States were to choose to attack another NATO country, then everything would come to an end.”
“The international community as we know it, democratic rules of the game, NATO, the world’s strongest defensive alliance – all of that would collapse if one NATO country chose to attack another,” the Danish PM added. But he missed the irony in the fact that country after country that refused to play by the so-called “democratic rules of the game” got bombed or overthrown by NATO and the West – with Afghanistan, Libya, Syria, Iran and others lying in ruins and societal fragmentation.
But now, as Bloomberg reports, European countries are seeking to seize on Trump’s talking points about Greenland being strategically crucial for Arctic security, as rival powers like Russia and China allegedly seek to move in.
“A group of European countries, led by the U.K. and Germany, is discussing plans for a military presence in Greenland to show U.S. President Donald Trump that the continent is serious about Arctic security and to try to tamp down American threats to take over the self-ruling Danish territory,” reports Bloomberg.
So this seems all about creating a fresh NATO joint mission to appease Trump, soften the rhetoric, and take away one of his main geostrategic justifications for a Greenland takeover.
Bloomberg continues, “Germany will propose setting up a joint NATO mission to protect the Arctic region, according to people familiar with the plans.”
This includes backing from Britain, with UK Prime Minister Keir Starmer having separately called on allied nations to strengthen their security footprint in the far north. Pre-planning discussions have been held with French President Emmanuel Macron and German Chancellor Friedrich Merz.
The topic is likely to be broached when German Foreign Minister Johann Wadephul meets with US Secretary of State Marco Rubio this week.
“Because security in the Arctic is becoming increasingly important, I also want to discuss on my trip how we can best bear this responsibility in NATO — in view of old and new rivalries in the region by Russia and China — together,” Wadephul said in a statement Sunday. “We want to discuss this together in NATO.“
It will be interesting to see whether the White House pursues this as an off-ramp, dropping the Greenland project, or whether Trump will read this as a ploy to co-opt forward momentum.
Selling a counter-plan based on running with the exaggerated threat and lie…
Trump has said on outright seizing it, “If we don’t do it, Russia or China will take over Greenland. And we’re not going to have Russia or China as a neighbor.” But there have also been other creative solutions offered – such as paying each Greenlander something like $1 million in exchange for US sovereignty over the mass which could be the size of a continent.
Currently, each citizen of Greenland is a full citizen of Denmark and of the European Union, and so many locals might not want to swap this out for being an American. However, many would likely be very attracted to some kind of huge single sum payout.
END
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
tbn israel last 24 hrs…
ISRAEL VS HAMAS
IRAN
Iran’s internet remains cut off after 36 hours amid deadly anti-regime protests
Khamenei said to put IRGC on highest alert as protests enter 14th day; unconfirmed report claims hundreds killed; Iran blames violence on US, Israel
By Agencies and ToI StaffToday, 3:28 pm
Major Iranian cities were gripped overnight Friday by new mass rallies denouncing the Islamic Republic, as activists on Saturday expressed fear that authorities were intensifying their suppression of the demonstrations under cover of an internet blackout.
The two weeks of protests have posed one of the biggest challenges to the theocratic authorities who have ruled Iran since the 1979 Islamic revolution, although Supreme Leader Ayatollah Ali Khamenei has expressed defiance and blamed the United States.
Following the movement’s largest protests yet on Thursday, new demonstrations took place late Friday, according to images verified by AFP and other videos published on social media.Promoted: March of the
This was despite an internet shutdown imposed by the authorities, with monitor Netblocks saying early Saturday that “metrics show the nationwide internet blackout remains in place at 36 hours.”
The blackout has sparked fears among activists that authorities are now violently cracking down on the protests, with less chance that the proof will reach the outside world. Amnesty International said it was analyזing “distressing reports that security forces have intensified their unlawful use of lethal force against protesters” since Thursday in an escalation “that has led to further deaths and injuries.”
The Telegraph reported that Khamenei had put Iran’s Islamic Revolutionary Guard Corps on the highest state of alert.
“The leader has ordered the Sepah [IRGC] to remain on the highest level of readiness — even higher than during the June war,” a senior Iranian official told the paper, referring to the 2025 war with Israel.
“He is in closer contact with the IRGC than with the army or the police, because he believes the risk of IRGC defections is almost non-existent, whereas others have defected before. He has placed his fate in the hands of the IRGC,” the source said.
Iranian officials say underground “missile cities” have also been activated to deal with foreign threats.
One official dismissed a report earlier in the week that Khamenei has plans to flee to Moscow if an uprising threatens the regime. “He will not leave Tehran even if B-52s are flying overhead.”
An anonymous Tehran doctor cited by TIME magazine said Saturday that 217 protester deaths, “most by live ammunition,” were registered in six hospitals in the city after the Thursday night demonstrations. If confirmed, the figure would represent a significant rise in protester killings, after Norway-based NGO Iran Human Rights said Friday that it had confirmed 51 protesters killed during the previous 13 days of demonstrations.
Iran’s Revolutionary Guards warned on Saturday that safeguarding security was a “red line.” Iran’s army vowed to safeguard the country’s national interests, strategic infrastructure and public property, while urging citizens to be vigilant to thwart what it called “the enemy’s plots.”
The statements came after US President Donald Trump issued a new warning to Iran’s leaders on Friday that killing protesters would bring about repercussions, and after Secretary of State Marco Rubio on Saturday declared, “The United States supports the brave people of Iran.”
Unrest continued overnight. State media said a municipal building was set on fire in Karaj, west of Tehran, and blamed “rioters.” State TV broadcast footage of funerals of members of the security forces, who it said were killed in protests in the cities of Shiraz, Qom and Hamedan.
On Saturday, Iran’s exiled Crown Prince Reza Pahlavi urged two more nights of demonstrations and called on protesters to take control of city centers.
The protests that began two weeks ago are now marked by calls for the end of the Islamist clerical system that has ruled Iran since the 1979 Islamic revolution that ousted Pahlavi’s father, the pro-Western shah, who fled the country and died in Egypt in 1980.
Demonstrations have included cries in support of the shah, something that could have been cause for a death sentence in the past, and now underlines the anger fueling the protests that began over Iran’s ailing economy.
Crown prince says he believes his return to Iran is ‘very near’
New anti-regime demonstrations took place across Iran late Friday, according to images verified by AFP and other videos published on social media, which showed people wishing death upon Khamenei.
In Tehran’s Saadatabad district, people banged pots and chanted anti-government slogans, including “death to Khamenei” as cars honked in support, a video verified by AFP showed.
Other images disseminated on social media and by Persian-language television channels based outside Iran showed similar large protests elsewhere in the capital, as well as in the eastern city of Mashhad, Tabriz in the north and the holy city of Qom.
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In the western city of Hamedan, a man was shown waving a Shah-era Iranian flag featuring the lion and the sun amid fires and people dancing.
In the Pounak district of northern Iran, people were shown dancing around a fire in the middle of a highway, while in the Vakilabad district of Mashhad, a city home to one of the holiest shrines in Shiite Islam, people marched down an avenue chanting “death to Khamenei.” It was not possible to immediately verify the videos.
In a Persian-language video statement, Pahlavi commended protesters’ “courage and resilience,” called for two more nights of protests on Saturday and Sunday, and urged civil servants, including key workers in the transportation and energy sectors, to join nationwide strikes.
“Our goal is no longer just to take to the streets. The goal is to prepare to seize and hold city centers,” the crown prince said. He added that he was “preparing to return to my homeland” on a day he believed was “very near.”
The protests represent the first test of Pahlavi’s ability to sway the Iranian public. The US-based crown prince had similarly called for the protests that took place on Thursday and Friday nights.
Pahlavi had said he would offer further plans depending on the response to his calls for protest. His support of and from Israel has drawn criticism in the past, particularly after the 12-day Israel-Iran war in June.
Trump: ‘Iran is in big trouble’
Speaking to reporters at the White House on Friday, Trump said Iran was in “big trouble.”
Asked what his message to Iran’s leaders was, Trump, who struck key Iranian nuclear facilities during the June war, said: “You better not start shooting because we’ll start shooting too.”
The president has made similar threats throughout the past two weeks of protests in Iran.
“Iran is in big trouble. It looks to me that the people are taking over certain cities that nobody thought were really possible just a few weeks ago,” Trump said. “We’re watching the situation very carefully.”
“I’ve made the statement very strongly that if they start killing people like they have in the past, we will get involved,” he said. “That doesn’t mean boots on the ground, but it means hitting them very, very hard where it hurts. We don’t want that to happen.”
“This is something pretty incredible that’s happening in Iran… They’ve done a bad job. They’ve treated their people very badly, and now they’re being paid back,” said Trump.
The comments came as Iran’s UN Ambassador Amir Saeid Iravani told the Security Council that the US was to blame for “the transformation of peaceful protests into violent, subversive acts and widespread vandalism.”
Iravani wrote in a letter seen by Reuters that Iran condemns “the ongoing, unlawful, and irresponsible conduct of the United States of America, in coordination with the Israeli regime, in interfering in Iran’s internal affairs through threats, incitement, and the deliberate encouragement of instability and violence.”
He accused Washington of “destabilizing practices” that undermine the founding UN Charter, violate fundamental principles of international law, and threaten the foundations of international peace and security.
Iran’s Foreign Minister Abbas Araghchi also accused the US and Israel on Friday of “directly intervening” in the protests. A US State Department spokesperson said Araghchi’s comment “reflects a delusional attempt to deflect from the massive challenges the Iranian regime faces at home.”
Jacob Magid contributed to this report.
END
Iran threatens to hit Israel in response to any US strike; Israel said to be on high alert
Iranian parliament speaker says US bases, ships could also be targeted; rights groups: Iran committing ‘massacre’ with at least 192 killed; Israel calls on EU to label IRGC a terror group
By Agencies and ToI StaffToday, 2:08 pm
I
Tehran threatened on Sunday to retaliate against Israel as well as US military bases in the event of American strikes on Iran, issuing the warning as Israeli sources said the country was on high alert.
With Iran’s clerical establishment facing the biggest anti-government protests since 2022, US President Donald Trump has repeatedly threatened to intervene in recent days amid reports of a growing death toll from a crackdown on demonstrators.
US media reported that Trump had been presented with options for potential strikes, including on non-military sites in Tehran.
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Iranian Parliament Speaker Mohammad Baqer Qalibaf, speaking in parliament on Sunday, warned against “a miscalculation.”
“Let us be clear: in the case of an attack on Iran, the occupied territories [Israel] as well as all US bases and ships will be our legitimate target,” said Qalibaf, a former commander in Iran’s elite paramilitary Revolutionary Guards.
“We do not consider ourselves limited to reacting after the action and will act based on any objective signs of a threat,” he said.
Any decision to go to war would rest with Iran’s 86-year-old Supreme Leader Ayatollah Ali Khamenei.
Three Israeli sources, who were present for security consultations over the weekend, said Israel was on a high-alert footing for any US intervention, but did not elaborate on what that meant.
An Israeli government spokesperson declined to comment. The Israel Defense Forces did not immediately respond to a request for comment.
Israel and Iran fought a 12-day air war in June last year, in which the US joined Israel after it launched airstrikes targeting nuclear and military sites. In response, Iran fired missiles and drones at Israel, killing multiple civilians, and targeted US forces at Al Udeid Air Base in Qatar.
‘Endurance game’
In a phone call on Saturday, Prime Minister Benjamin Netanyahu and US Secretary of State Marco Rubio discussed the possibility of US intervention in Iran, according to an Israeli source who was present for the conversation.
A US official confirmed the two men spoke but did not say what topics they discussed.
A senior US intelligence official on Saturday described the situation in Iran as an “endurance game.”
The opposition was trying to keep up pressure until key government figures either flee or switch sides, while the authorities were trying to sow enough fear to clear the streets without giving the United States justification to intervene, the official said.
Meanwhile, Israel’s Foreign Minister Gideon Sa’ar urged the European Union on Sunday to designate Iran’s Revolutionary Guard Corps as a terrorist organization.
Sa’ar said on X that he told visiting German Interior Minister Alexander Dobrindt “that now is the time to designate Iran’s Revolutionary Guards as a terrorist organization within the European Union.”
“This has long been Germany’s position, and today the importance of this matter is clear to all,” Sa’ar added.
‘Massacre’
Iranian rights groups said Sunday that authorities were committing a “massacre” to quell the demonstrations.
At least 192 people have been killed in two weeks of protests against the government and economic strain in Iran, a rights group said.
“Since the start of the protests, Iran Human Rights has confirmed the killing of at least 192 protesters,” the Norway-based NGO said, warning that the toll could be much higher as a days-long internet blackout hampered verification.
The US-based Center for Human Rights in Iran (CHRI) said it had received “eyewitness accounts and credible reports indicating that hundreds of protesters have been killed across Iran during the current internet shutdown.”
“A massacre is unfolding in Iran. The world must act now to prevent further loss of life,” it said.
It said hospitals were “overwhelmed,” blood supplies were running low and that many protesters had been shot in the eyes in a deliberate tactic.
The protests began in response to soaring inflation, before turning against the clerical establishment that has ruled since the 1979 Islamic Revolution. The Iranian government accuses the US and Israel of fomenting unrest.
The flow of information from Iran has been hampered by an internet blackout imposed by the authorities since Thursday.
END
Iranian unrest could make it harder for regime to fire missiles at Israel, ex-Navy chief says
“It is possible that the current regime falls and is replaced by one led by the Revolutionary Guards,” he said.
Illustrative image of former commander of the Israeli Navy, V.-Adm. (res.) Eliezer Marom.(photo credit: (Photo: Majid Asgaripour/WANA (West Asia News Agency) via REUTERS), YONATAN SINDEL/FLASH90)By103FMJANUARY 11, 2026 15:51Updated: JANUARY 11, 2026 21:28
The more unrest intensifies in Iran, the harder it will be for the regime to launch missiles toward Israel, former Israeli Navy chief, V.-Adm. (res.) Eliezer Marom told 103 FM on Sunday.
“Most of their missiles use liquid fuel, and you cannot launch them from underground depots,” he said. “They have to move into the field, and that requires a fairly large convoy, including launchers and significant quantities of fuel.”
He added that movement on Iran’s roads is challenging, particularly amid internal conflict.Unmute
“It is hard to move without encountering flashpoints,” he said. “It then becomes difficult to launch from open areas. This makes it easier for the Americans to act on the matter.”
US targets may be a higher priority than Israel
According to Marom, Israel may not be Iran’s primary focus in the event of a missile attack.
“Not necessarily Israel,” he said. “They will certainly want to launch toward US military bases in the Middle East.”
Asked how the United States should support Iranian protesters, Marom said the most significant concern should be Iran’s Islamic Revolutionary Guard Corps (IRGC).
“It is possible that the current regime falls and is replaced by one led by the Revolutionary Guards,” he said. “After a regime collapse, there is always chaos, especially when no single leader unites the rebels. The crown prince is not exactly the leader of this revolution. It’s not like with Khomeini, when power was immediately transferred to him. That is not happening.”
Potential for Syria-like scenario
Marom warned that the aftermath of a regime collapse in Iran could mirror the situation in Syria.
“Consider how much weaponry and how many capabilities Iran has that endanger us,” he said. “I’m not sure we’re heading toward a regime that is all sweetness and light; a full democracy, and so on. It’s not clear whether the regime will fall, but if it does, it may resemble Syria. We need to ensure that large quantities of weapons don’t fall into the hands of those who might emerge as the sole rulers.”
Skepticism over US intentions
Marom expressed doubt regarding US threats and declarations about confronting Iran.
“I don’t think action is imminent,” he said. “We know Trump. He threatened Hamas, and nothing happened. In Venezuela, too, the situation remains unresolved. He moved Maduro from his place, but not a single American is in Venezuela right now.”
Israel should prioritize Lebanon, not Iran
Turning to Israel, Marom cautioned against rushing into conflict with Iran and said there were more urgent threats closer to home.
“Israel will not allow any monster to develop beyond its borders,” he said. “That’s how we operate in Lebanon, Syria, and Gaza. In the broader context, if we are to confront Iran, it would be better to first deal with Lebanon, and only afterward with Iran.”
At the same time, Marom pointed to a global issue that he believes is being overlooked.
“Behind the scenes, a storm is raging that no one is paying attention to, that is, the global struggle over oil,” he said. “What happened in Caracas is part of that battle. It started in Venezuela and continued with Iran’s shadow fleet. The Americans are increasingly seizing tankers flying the Russian flag.”
He warned that the situation carries “enormous explosive potential” and noted that it intersects with tensions over artificial intelligence between the US and China.
END
Trump ‘seriously inclined’ to help Iranian protesters, sources tell ‘Post’
US President Donald Trump has decided to assist Iranian protesters, sources said, as Washington debates military, cyber, and communications support options amid escalating unrest.
L to R: Iran Ayatollah Ali Khamenei and US President Donald Trump against backdrop of respective flags and missile strikes.(photo credit: ILLUSTRATION, Wikimedia Commons)ByAMICHAI STEINJANUARY 11, 2026 20:33
US President Donald Trump is expected to assist Iranians who are protesting nationwide against the Islamic Republic regime, several sources familiar with the details of discussions held in recent days told The Jerusalem Post on Sunday.
“Trump has essentially decided to help the protesters in Iran. What he has not yet decided is the ‘how’ and the ‘when,'” they added.
On Saturday, Trump wrote on X/Twitter that Iran wants freedom and that the US is ready to help.
In recent days, discussions have been taking place in Washington regarding assistance to Iranian protesters seeking to overthrow the regime, with several options currently on the table.
“The spectrum ranges from a military option, namely strikes against regime targets, to cyber support against the regime, to providing Starlink systems to help protesters,” one source familiar with the discussions told the Post.
“While the Trump administration does not believe that the Iranian regime is collapsing, it definitely sees problems and cracks that did not exist a week ago,” the source added.
Washington intensified efforts following images emerging from Iranian protests over the weekend. Until that point, the Trump administration did not believe the protests had crossed a certain threshold that would cause the regime to panic.
However, the internet shutdown, the large number of protesters, and the harsh repression measures, which reportedly led to at least 2,000 deaths, prompted senior Trump administration officials to seriously consider helping the protesters.
Israel takes decision to not intervene publicly in Iran protests
Also on Sunday, Prime Minister Benjamin Netanyahu convened a small group of ministers and senior security officials to discuss, among other issues, the situation in Iran. Israel has made several decisions at this stage, namely not to intervene publicly in events unfolding in Iran, to allow the US to lead any assistance measures for protesters, and to prepare for the possibility that Iran may decide to launch ballistic missiles at Israel in order to divert attention from the protests.
“Israel is closely monitoring what is happening in Iran. The protesters for freedom have spread across the country. The people of Israel, and the entire world, are in awe of the tremendous courage of Iran’s citizens,” Netanyahu said at the opening of the meeting.
“Israel supports their struggle for freedom and strongly condemns the mass slaughter of innocent civilians. We all hope that the Persian nation will soon be freed from the yoke of tyranny, and when that day comes, Israel and Iran will once again become loyal partners in building a future of prosperity and peace for both peoples,” he added.
Netanyahu spoke with US Secretary of State Marco Rubio over the weekend.
END
USA/IRAN
Trump Already Receiving Briefings On Military Strike Options For Iran As Protest Deaths Soar
Monday, Jan 12, 2026 – 08:05 AM
The NY Times and others are confirming that President Trump has recently been briefed on a series of new military strike options targeting Iran as he weighs whether to act on his threat to attack the country over its crackdown on protesters, which have also clearly themselves engaged in violent acts in some locales at times.
In some of among the well over 100 cities or towns where protests have raged since the end of December, buildings and even mosques have been burned, cars torched, and police officials reportedly shot and stabbed. Amid an internet blackout across the country, which has made accurate information hard to come by and/or verirfy, there is a battle of narratives and ‘infowar’ happening.
Starlink terminals were said to be smuggled into the country during the 2022 wave of protests, and so there has been some limited information and videos emerging even amid the several consecutive days of internet shutdown by the government.
President Trump during Friday’s meeting of oil executives again warned Iranian leadership not to kill protesters: “I’ve made the statement very strongly that if they start killing people like they have in the past, we will get involved,” he said. “We’ll be hitting them very hard where it hurts. And that doesn’t mean boots on the ground, but it means hitting them very, very hard where it hurts.”
Trump later narrowed the warning, “I tell the Iranian leaders: You better not start shooting, because we’ll start shooting, too.”
Secretary of State Marco Rubio on top of that issued on X that “The United States supports the brave people of Iran” – something much vaguer and coupled with no specific threat.
From there, unverified reports throughout the weekend said that body bags from protest deaths were piling up. By last week, around 30 people were reported killed, including several or more among police and security officials. But by Sunday into Monday that figure ballooned.
Reuters and CNN have relied on a US-based group to claim, “More than 544 people have been killed over the past 15 days during anti-government demonstrations, including eight children, according to the Human Rights Activist New Agency (HRANA).”
This new, high death count, is unverifiable but is still being widely circulated on Monday. It has been issued at a very sensitive and dangerous moment that the anti-Ayatollah opposition which largely lives in Europe and the United States is lobbying hard to get Trump’s ear and attention.
All the usual other enemies of Tehran are being very active in this regard too, such as the powerful Israel lobby in the United States.
On the ‘options’ briefings, the NY Times has described that briefings President Trump has already received included a variety of potential actions such as strikes against nonmilitary locations in Tehran.
When reporters asked about preparations for possible military action, the White House pointed instead to the president’s recent public statements and posts on social media. “Iran is looking at FREEDOM, perhaps like never before,” Trump had additionally stated on Truth Social on Saturday. “The USA stands ready to help!!!”
If Trump were to actually kick off yet more US military action in the Middle East, this time against a large nation like Iran which would hold the serious potential for escalating into a full-blown conflict, it would likely prove deeply unpopular among his base. Broadly, the American public would likely not be on board.
A Goldman Sachs note highlights that the build-up rhetoric threatening US intervention in and of itself will have an impact on oil, gold, and across markets:
Attention shifts to Iran as we speak. Unlike the 2022 protests centered around social liberties, this episode looks to be triggered by economic paralysis with inflation spiking and the sudden collapse of the Iranian rial in late Dec. The protests have now turned violent with death toll rising to the hundreds. What can potentially add oil to fire is if foreign interference continues to get talked up with the US signaling the threat of a potential intervention. Oil and Gold creeping up as the Iranian unrests unfold. This illustrates our view of the insurance value of commodities. We see a strong role for broader commodity length in strategic portfolio allocations with increasing geopolitical, trade and AI competition has led to more frequent use of commodity dominance as leverage.
Iranian businesses have in many cased been forced to suspend all activity because of Iran’s internet shutdown, especially those companies which are dealings or staff based abroad. The shutdown is said to be so severe that even the banking system isn’t operating, and something as simple as removing money from an ATM can’t be done.
END
SYRIA/USA
US, Partners Launch New Strikes On ISIS Targets In Syria
Sunday, Jan 11, 2026 – 03:10 PM
Authored by Ryan Morgan via The Epoch Times,
U.S. and partner forces conducted a series of airstrikes on terrorist group ISIS targets throughout Syria on Jan. 10, the U.S. Central Command (CENTCOM) announced.
The series of airstrikes began around 12:30 p.m. ET, CENTCOM said in a press statement around three hours after the strikes.
“The strikes today targeted ISIS throughout Syria as part of our ongoing commitment to root out Islamic terrorism against our warfighters, prevent future attacks, and protect American and partner forces in the region,” the press statement added.
“U.S. and coalition forces remain resolute in pursuing terrorists who seek to harm the United States.
Footage shared by CENTCOM showed F-15 and A-10 jet aircraft taking off from an unspecified location, along with footage of strikes on purported targets.
CENTCOM did not specify which partner forces assisted in the Jan. 10 strikes throughout Syria.
Saturday’s strikes are part of a continuing retaliatory bombing that began after two U.S. soldiers and a U.S. civilian interpreter were killed in an ambush attack in Palmyra, Syria, on Dec. 13. Three more American troops were injured in the attack.
ISIS claimed ultimate responsibility for the Dec. 13 shooting, and Syria’s Interior Ministry has said the suspect was a member of Syrian security forces who harbored ISIS sympathies. Syria’s Interior Ministry said it had arrested five more suspects in connection with the Dec. 13 attack.
Since sweeping into Damascus and driving off then-Syrian President Bashar al-Assad in December of 2024, Syria’s de facto interim government has been largely comprised of Sunni Islamist militants from Hay’at Tahrir al-Sham, which began as a Syrian branch of Al Qaeda.
The U.S. bombing campaign came in response to the Dec. 13 shooting and is known as Operation Hawkeye Strike. The first round of strikes in the campaign began on Dec. 19, when U.S. and Jordanian forces employed dozens of fighter aircraft, attack helicopters, and artillery pieces firing more than 100 munitions, and struck more than 70 ISIS targets across central Syria.
Between Dec. 20 and 29, U.S. and partner forces conducted 11 more missions under Operation Hawkeye Strike, in which they reported killing seven ISIS suspects and capturing several others.
“Our message remains strong: if you harm our warfighters, we will find you and kill you anywhere in the world, no matter how hard you try to evade justice,” CENTCOM’s Saturday press statement concluded.
The U.S. military officially began striking ISIS targets in Syria in 2014 and has maintained a continuing troop presence within the country for the past decade. This counter-ISIS mission has coincided with the Syrian civil war, as Assad fought to retain power until rebel forces drove him out in December of 2024.
END
IRAN
‘Death to Khamenei’ chants heard in Tehran as Crown Prince rallies opposition forces
“We stand on the threshold of reclaiming our beloved Iran from the Islamic Republic. Khamenei and his regime have already suffered several heavy blows at your hands,” Pahlavi wrote.
Demonstrators gather outside the Iranian embassy during a rally in support of nationwide protests in Iran, in London, Britain, January 11, 2026(photo credit: REUTERS/Isabel Infantes)BySHIR PERETSJANUARY 12, 2026 10:09Updated: JANUARY 12, 2026 13:08
The Iranian protests against the Islamic regime have entered “a new phase,” Crown Prince Reza Pahlavi declared on social media on Monday as the country begins its 16th day of unrest.
“Beloved people of Iran, my courageous compatriots… you have shaken the foundations of the illegitimate Islamic Republic through massive, nationwide demonstrations,” he wrote.
Pahlavi called on the Iranian people to intensify their actions inside the country, saying that any institutions responsible for regime propaganda should be regarded as “legitimate targets.”U
“Employees of state institutions, as well as members of the armed and security forces, have a choice: Stand with the people and become allies of the nation, or choose complicity with the murderers of the people – and bear the nation’s lasting shame and condemnation,” he wrote.
Additionally, he encouraged the Iranian diaspora to go to their embassies, saying, “The time has come for them to be adorned with Iran’s national flag, in place of the disgraceful banner of the Islamic Republic.”
“We stand on the threshold of reclaiming our beloved Iran from the Islamic Republic. Khamenei and his regime have already suffered several heavy blows at your hands, and we must not allow them a moment to recover.”
He concluded, “Iran’s freedom is near. The blood shed by Iran’s immortal sons and daughters guides our path toward victory. We are not alone. International support will soon arrive. Standby for my next messages. Very soon, we will reclaim our beloved Iran back from the Islamic Republic, and celebrations of freedom and victory will fill every corner of our country.”
Protesters within Iran call for ‘Death to Khamenei’ as Parliament discusses ‘four-front war’
Iranian Foreign Minister Abbas Araqchi on Monday announced that the situation in Iran is “under total control,” despite Parliament Speaker Mohammad Baqer Qalibaf stating the Islamic Republic is ”fighting its enemies on four fronts.”
On Sunday, as Iran’s media blackout continued, Qalibaf stated that the Islamic Republic is fighting its enemies in the economic, cognitive, military, and anti-terrorism spheres, according to a report by Tasnim.
Qalibaf stated that the US and Israel were sowing disorder in the country because of Israel’s loss in the Israel-Iran war in June, and that the goal of the US was to create casualties.
Also in Tehran, videos obtained by Iran International from the burial of a deceased protester showed chants of “Death to Khamenei” could be heard.
Iran International also shared videos of protesters in Tehran shouting, “Fear the values, we are all together.”
RUSSIA/UKRAINE
Ukrainian Drones Damage, Set Fire To One Of Russia’s Biggest Oil Terminals On Black Sea
Sunday, Nov 02, 2025 – 11:05 AM
Another Ukrainian drone attack targeting Russia’s oil export infrastructure has occurred Sunday, which saw one of Russia’s main Black Sea oil ports set ablaze.
A tanker and another ship was also set ablaze at Tuapse, one of the biggest oil terminals on the Black Sea. Russian emergency services in the region said, “As a result of the drone attack on the port of Tuapse on the night of November 2, two foreign civilian ships were damaged.”
“The buildings and infrastructure of the terminal” had sustained damage, it said – though noted there were no casualties among the crews of the ships and that all fires had been extinguished.
The Tuapse Black Sea oil terminal and an oil refinery is controlled by Russia’s biggest oil company Rosneft – which has been targeted by the newest US Treasury sanctions last month.
According to Reuters, “The export-oriented Tuapse plant, which has a processing capacity of 240,000 barrels of oil per day (bpd), produces naphtha, fuel oil, vacuum gasoil and high-sulphur diesel. It mainly supplies China, Malaysia, Singapore and Turkey.”
The Russian defense ministry said that more broadly the country’s anti-air defenses were able to intercept a little over 280 drones during the assault on various regions of Russia.
Ukraine’s General Staff boasted that its drones landed five hits on the Tuapse port and oil export infrastructure. Ukrainian media has meanwhile hailed the recent attacks on Russian oil refineries and terminals as putting a sizeable dent in Moscow’s war funding:
Russia’s exports of refined fuels have dropped to levels unseen since the war began, as the country’s energy trade is hit by a combination of shutdowns at major refineries and escalating Western sanctions, according to a report by Bloomberg on Oct. 30.
Citing Vortexa Ltd. figures, the outlet reported that overall seaborne oil product shipments amounted to 1.89 million barrels a day in the first 26 days of October, marking the lowest volume recorded since early 2022.
Although diesel exports edged higher, weaker loadings of naphtha and fuel oil – particularly from the Baltic ports affected by strikes on the Ust-Luga terminal – pulled overall shipments down. Bad weather may also have slowed port activity.
Russia for its part has been punishing Ukraine in equal measure, with the month of October alone seeing hundreds of missile strikes, and over 5000 drones sent against Ukrainian cities their energy grids.
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
Shocking New Covid Study Linking Jabs to Cancer Goes Offline after Cyberattack
GLOBAL ISSUES
Cancer Drugs Drive Nearly One-Fifth Of Pharma Sales
Monday, Jan 12, 2026 – 04:15 AM
The global pharmaceutical industry’s revenue is increasingly concentrated in a handful of high-value drug classes, with oncology, diabetes/obesity treatments and immunology leading the charge.
As Statista’s Tristan Gaudiat details below, according to estimates from Statista Market Insights, cancer drugs alone generated over $217 billion last year, making oncology the largest therapeutic segment, driving nearly one-fifth (18 percent) of all pharmaceutical sales.
You will find more infographics at Statista
Antidiabetic medicines rank second, with estimated sales of over $85 billion in 2025, contributing 7 percent to global market revenues.
Some of the top-grossing drugs include Merck’s Keytruda, an immunotherapy for multiple cancers with almost $30 billion in revenue in 2024, as well as Eli Lilly’s Mounjaro and Novo Nordisk’s Ozempic/Wegovy, used for diabetes treatment and weight loss, and bringing in more than $10 billion annually for their parent companies.
MARK CRISPIN MILLER
Dr Paul Alexander
Trump bitch-slapped his own ACIP, bypassed RFK Jr. & Malone et al. as ACIP plays with itself; word is Trump personally stripped away childhood vaccine schedule, HUGE praise to Trump! & I agree with
McCullough here that it is Trump who deserves praise in ordering Acting CDC Director Jim O’Neill to Trim Vaccine Schedule, not the navel gazing corrupted ACIP! Great stack Peter! Well explained! ‘Year
| Dr. Paul AlexanderJan 9 |
of ACIP dithering for POTUS was too long’
Trump personally ordered the revision and strip out of multiple vaccines.
Trump bitched slapped them good, they all should be fired!…Trump had enough of their bullshit on that specious incompetent ACIP…
Is Canada next? Insanity? ‘Denmark has confirmed its troops will “shoot first and ask questions later” if Trump launches an attack.’ ‘Trump ‘orders army chiefs to draw up plan to invade Greenland’
will this end NATO? will article 5 be invoked on USA? are they serious? can an agreement be reached to heighten US’s national security while respecting Greenland’s sovereignty?
| Dr. Paul AlexanderJan 11 |
is it about rare earth?
On top of that, we have:
‘A diplomatic source said: ‘The (US) generals think Trump’s Greenland plan is crazy and illegal. So they are trying to deflect him with other major military operations. They say it’s like dealing with a five-year-old’.’
The reporting is so unbelievable and we are left gasping what really is going on? How much is truth, how much bellicose, how much bluster, how much real intent?
I am all for US protecting its national interest and security, first too. Any nation has to. I support that. For the US, yes. No doubt China, Russia, India et al. are not playing for 2nd place. None of these major powers. And they are getting there. But we must always operate within rule of law. Good governance. It is not who is the strongest or maximalist approach, take what you want, for in reality, you will not be the strongest forever. You are setting up a precedence for disaster for our children and grand children. China’s navy as an example is projected to equal or surpass US’s in 20245 to 2050. We must not adopt this ‘stop me if you can’ foreign policy. We will pay a dear price long-term.
I am hoping that the reporting is just blow-hard blustering. And that POTUS Trump will reign all in and ensure they (hawks, neocons, military industrial complex, dark power players, the unseen hand etc.) are within rule of law.
We were taught as children that in this life, not if we see something, that we ‘want’ it, and we can take it as stronger, do we in fact take it. That is not how law and order operates. We are then operating like Biff the Bully in the playground.
The UK could send troops to Greenland as Donald Trump threatens to take it from Denmark. It comes as Prime Minister Sir Keir Starmer reportedly shares President Trump’s view that action is needed to ensure the West is secure against the threat of Russia and China.
NEWSWIZE
| UST IN: Rioters Storm Minneapolis Hotel Looking For ICE AgentsAnti-ICE rioters stormed at least one hotel in downtown Minneapolis they believed was housing federal immigration agents on Friday night as unrest following the shooting of Renee Nicole Good continued for a third day. Sporadic riots and mass demonstrations erupted hours after Good was killed on Wednesday afternoon. Good, 37, was shot and killed while attempting to run over a …READ THE FULL REPORT |
| JUST IN: Rioters Storm Minneapolis Hotel Looking For ICE AgentsAnti-ICE rioters stormed at least one hotel in downtown Minneapolis they believed was housing federal immigration agents on Friday night as unrest following the shooting of Renee Nicole Good continued for a third day. Sporadic riots and mass demonstrations erupted hours after Good was killed on Wednesday afternoon. Good, 37, was shot and killed while attempting to run over a …READ THE FULL REPORT |
| JUST IN: Rioters Storm Minneapolis Hotel Looking For ICE AgentsAnti-ICE rioters stormed at least one hotel in downtown Minneapolis they believed was housing federal immigration agents on Friday night as unrest following the shooting of Renee Nicole Good continued for a third day. Sporadic riots and mass demonstrations erupted hours after Good was killed on Wednesday afternoon. Good, 37, was shot and killed while attempting to run over a …READ THE FULL REPORT |
| Federal Agents ‘Swarm’ Home Of ICE Agent ‘Rammed’ By Renee GoodFederal agents swarmed the home of the ICE officer who fatally shot left-wing agitator Renee Good early Friday, the Daily Mail reported. A Special Response Team descended on the suburban Minneapolis house shared by Jon Ross, 43, his wife, and their children during the morning hours. Photos published by the outlet showed about a half-dozen masked federal officers in balaclavas. …READ THE FULL REPORT |
| Federal Agents ‘Swarm’ Home Of ICE Agent ‘Rammed’ By Renee GoodFederal agents swarmed the home of the ICE officer who fatally shot left-wing agitator Renee Good early Friday, the Daily Mail reported. A Special Response Team descended on the suburban Minneapolis house shared by Jon Ross, 43, his wife, and their children during the morning hours. Photos published by the outlet showed about a half-dozen masked federal officers in balaclavas. …READ THE FULL REPORT |
END
| LATEST REPORTS FOR NEWS JUNKIES |
| Conservative Reporter Hospitalized After Being Attacked By Left-Wing ProtestersFrank Scales, a conservative journalist known for his man on the street interviews in Philadelphia, was hospitalized on Saturday after he was sprayed with an unknown substance while covering anti-ICE protests in Center City. Scales was repeatedly threatened while attempting to interview protesters while they gathered near City Hall on Friday night. One individual — a noticeably short man who …READ THE FULL REPORT |
| Conservative Reporter Hospitalized After Being Attacked By Left-Wing ProtestersFrank Scales, a conservative journalist known for his man on the street interviews in Philadelphia, was hospitalized on Saturday after he was sprayed with an unknown substance while covering anti-ICE protests in Center City. Scales was repeatedly threatened while attempting to interview protesters while they gathered near City Hall on Friday night. One individual — a noticeably short man who …READ THE FULL REPORT |
| Conservative Reporter Hospitalized After Being Attacked By Left-Wing ProtestersFrank Scales, a conservative journalist known for his man on the street interviews in Philadelphia, was hospitalized on Saturday after he was sprayed with an unknown substance while covering anti-ICE protests in Center City. Scales was repeatedly threatened while attempting to interview protesters while they gathered near City Hall on Friday night. One individual — a noticeably short man who …READ THE FULL REPORT |
| Conservative Reporter Hospitalized After Being Attacked By Left-Wing ProtestersFrank Scales, a conservative journalist known for his man on the street interviews in Philadelphia, was hospitalized on Saturday after he was sprayed with an unknown substance while covering anti-ICE protests in Center City. Scales was repeatedly threatened while attempting to interview protesters while they gathered near City Hall on Friday night. One individual — a noticeably short man who …READ THE FULL REPORT |
| JUST IN: New Renee Nicole Good Shooting Footage Definitively Debunks Left-Wing NarrativeNew footage has emerged of the moments leading up to the ICE-involved shooting of Renee Nicole Good, who was shot and killed after accelerating towards a federal agent positioned in front of her vehicle. The new footage, which was shared by Townhall columnist Dustin Grage, shows Good blocking immigration enforcement officers on a South Minneapolis street for several minutes. With …READ THE FULL REPORT |
| LATEST REPORTS FOR NEWS JUNKIES |
| NEW: Trump Admin To Offer Whistleblower Rewards For Information On Minnesota FraudU.S. Treasury Secretary Scott Bessent has introduced a program offering financial rewards to individuals who provide information on fraud in Minnesota’s government benefits programs. The announcement aims to encourage whistleblowers to share details that could assist ongoing investigations into the misuse of public funds. This initiative is part of broader efforts by the federal government to address financial irregularities in …READ THE FULL REPORT |
| U.S. Launches Fresh Round Of Airstrikes Within SyriaThe U.S. Military on Saturday launched a series of large-scale airstrikes targeting Islamic State (ISIS) positions across Syria. These operations, conducted under the broader Operation Hawkeye Strike, involved more than 20 aircraft, including F-15E Strike Eagles, A-10 Thunderbolt IIs, AC-130J Ghostrider gunships, MQ-9 Reaper drones from the U.S. Air Force, and F-16 fighter jets from the Jordanian Air Force. Over …READ THE FULL REPORT |
| Somali City Councilor Resigns Just Days After Taking Office Following Felony IndictmentIman Osman, a native of Somalia and recent addition to the Lewiston City Council, has resigned from his position representing Ward 5 just days after being sworn into office. The resignation comes in the wake of a felony indictment related to firearm theft and an ongoing investigation into his residency status within the district. Osman, who also leads the Lewiston …READ THE FULL REPORT |
| JUST IN: Trump Gives Cuban Government A Firm UltimatumPresident Donald Trump on Sunday issued a direct ultimatum to the Cuban government, warning that the island nation would no longer receive oil or financial support from Venezuela following the U.S. military operation that captured Venezuelan leader Nicolás Maduro earlier this month. “Cuba lived, for many years, on large amounts of OIL and MONEY from Venezuela. In return, Cuba provided …READ THE FULL REPORT |
| NEW: Zohran Mamdani Suffers Significant Legal Setback On Top Campaign PromiseA federal judge on Thursday blocked New York Mayor Zohran Mamdani’s effort to intervene in the sale of thousands of rent-stabilized rental properties in the city. Mamdani’s administration had sought to intervene and block the sale of the properties after tenants complained that the property owner, Pinnacle Group, had failed to adequately maintain units. The administration indicated that it had … |
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIR
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL\
USA/VENEZUELA
ESSENTIAL READING
Escobar: How Trump’s Oily Dreams May Collapse In A Venezuelan Dark Pit
Saturday, Jan 10, 2026 – 10:10 PM
Authored by Pepe Escobar,
So the Big Oil Picture in Venezuela is way more complex than the Trump 2.0 gang suspects…
Let’s start with neo-Caligula’s new edicts on the imperial satrapy he says he now owns; not exactly edicts but outright threats directed to interim President Delcy Rodriguez:
- Crack down on “drug trafficking flows”. Well, this should actually be directed to Colombian and Mexican smugglers in cahoots with big American buyers.
- Expel Iranian, Cuban, and other “operatives hostile to Washington” – before Caracas is allowed to increase oil production. Not happening.
- Halt oil sales to “US adversaries”. Not happening.
Hence it becomes a near certainty that neo-Caligula may bomb Venezuela again.
Neo-Caligula, in a separate motormouth offensive, also clarified that he wants to somewhat overhaul the oil business in Venezuela via subsidies. It “could take less than 18 months”; then it morphed to “we can do it in less time than that, but it’ll be a lot of money”; and finally morphed to “a tremendous amount of money will have to be spent and the oil companies will spend it.”
No, they won’t, as several proverbial “industry insiders” have advanced. US energy majors balk at the sight of investing fortunes in a nation that may be engulfed by total chaos if neo-Caligula forces a traitorous government over 28 million people.
According to Rystad Energy Analysis, it would take no less than 16 years and at least $183 billion for Venezuela to produce a mere 3 million barrels of oil a day.
Neo-Caligula’s ultimate dream is to reduce global oil prices to a maximum $50 a barrel. For this purpose, the Trump 2.0 imperial gig will, in thesis, totally control PDVSA, including acquisition and sale of virtually all of its oil production.
US Energy Secretary Chris Wright, at a Goldman Sachs energy conference, let the oily cat out of the bag:
“We are going to market the crude coming out of Venezuela, first this backed up stored oil [up to 50 million barrels], and then infinitely, going forward, we will sell the production that comes out of Venezuela into the marketplace.”
So essentially the neo-Caligula gig will capture, actually steal the sale of crude from PDVSA, with the money theoretically deposited in US-controlled offshore accounts to “benefit the Venezuelan people”.
There’s no way Delcy Rodriguez’s interim government will accept what amounts to de facto theft. Even as Homeland Security Advisor Stephen Miller is bragging that the US is using “military threat” to maintain control of Venezuela. If you are really in control, you don’t need to issue threats.
So what about China?
China was importing roughly 746,000 barrels of oil a day from Venezuela. That’s not much. Beijing is already working on replacing it with imports from Iran. China essentially is not dependent on Venezuelan oil. Apart from Iran, it may also source from Russia and Saudi Arabia.
Beijing clearly sees that the imperial overdrive in the Western Hemisphere and in West Asia is not just about oil, but also to force China to buy energy with petrodollars. Nonsense: with Russia, the Persian Gulf and beyond, the name of the game is already petroyuan.
China is 80% energy independent. Venezuela de facto was accounting for a mere 2% of the 20% China imports – and this according to the US government’s own numbers.
China’s energy relationship with Venezuela goes way beyond cheap American formulas. Here is essentially outlined how “Chinese oil agreements with Venezuela are de facto binding financial contracts, with repayment mechanisms, collateral structures, penalty clauses, and derivative linkages embedded deep into global finance (…) They are connected – directly and indirectly – to Western financial institutions, commodity traders, insurers, and clearing systems, including entities tied to Wall Street. If these contracts are broken, the consequence is not China ‘taking a loss’. It is a cascade event: defaults triggering counterparty exposure, derivatives being repriced, legal disputes crossing jurisdictions, and confidence shock spreading outward. At a certain point, this ceases to be a Venezuelan problem and becomes a systemic global one.”
Moreover, “over the past twenty years, China has become the operational core of Venezuela’s oil industry. Not merely as a buyer, but as a builder. China provided refinery technology, heavy crude upgrading systems, infrastructure design, control software, spare parts logistics (…) Remove the Chinese engineers. Remove the technicians who understand the control logic. Remove the maintenance supply chains. Remove the software support. What remains is not a functioning oil industry waiting to be ‘liberated’, but an inert shell.”
Conclusion: “Converting Venezuela’s Chinese-built oil sector into an American one would take three to five years, minimum.”
Financial analyst Lucas Ekwame hits the major points. Venezuela produces superheavy oil as thick as tar. It doesn’t just flow; it needs to be melted to reach the surface, and after extraction, it hardens again, requiring diluent: no less than 0.3 barrels of diluent need to be imported for each exported barrel.
Compound it with Venezuela’s energy infrastructure shaped by China and at the same time suffering years of American sanctions, even worse than over Iraq in the early 2000s, and neo-Caligula’s faulty oil “strategy” becomes obvious.
That of course does not alter the short-term feast of imperial hedge fund vultures over Venezuela’s carcass, starting with ghastly Paul Singer, the billionaire Zionist hedge fund manager and MAGA super PAC donor ($42 million in 2024) whose Elliott Management acquired the Houston-based subsidiary of CITGO for $5.9 billion in November, less than a third of its $18 billion market value, thanks to the embargo on Venezuelan oil imports.
The speculative money crowd is bound to cash in on up to $170 billion in the debt market; defaulted PDVSA bonds alone are worth over $60 billion.
So the Big Oil Picture in Venezuela is way more complex than the Trump 2.0 gang suspects. Of course on the road ahead we may come to a situation where the Viceroy of Venezuela, the gusano Marco Rubio, cuts off the oil flow from Caracas to Shanghai. Well, considering Rubio’s strategic “expertise”, better start regimenting battalions of lawyers right away.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
VENEZUELA
US Warns Americans To Leave Venezuela Immediately
Sunday, Jan 11, 2026 – 06:05 PM
Authored by Troy Myers via The Epoch Times (emphasis ours),
American citizens are advised to leave Venezuela as soon as possible due to the “fluid” security situation in the South American country, a U.S. Department of State Consular Affairs X post stated.
This warning comes a week after American military forces conducted a mission in the capital city of Caracas to capture Venezuelan leader Nicolás Maduro and his wife, Cilia Flores. The pair has since pleaded not guilty in a New York courtroom to a range of federal charges, including narco-terrorism.
Although international flights to and from Venezuela have resumed, the United States is warning all Americans in the country to take precautions, be aware of their surroundings, and remain vigilant when traveling by road.
“There are reports of groups of armed militias, known as colectivos, setting up roadblocks and searching vehicles for evidence of U.S. citizenship or support for the United States,” the advisory said.
Citizens still in the country should frequently check flight information in order to leave the country as quickly as possible, establish multiple ways to communicate with friends or family outside of Venezuela, and prepare contingency plans for emergency situations if they choose to stay, the warning said Friday.
The United States stated it remains unable to provide any emergency help to Americans in Venezuela.
The South American country is listed at a “Level 4: Do Not Travel,” the highest advisory. This rating is because of “severe risks to Americans, including wrongful detention, torture in detention, terrorism, kidnapping, arbitrary enforcement of local laws, crime, civil unrest, and poor health infrastructure,” according to the State Department.
The United States has warned against travel to Venezuela since 2019. In March of that year, the State Department suspended operations and withdrew all diplomatic personnel from the embassy in the capital city of Caracas.
Since President Donald Trump took office a year ago, he has ramped up the pressure on drug cartels and the socialist regime in Venezuela. As part of Operation Southern Spear, which began in September 2025, the United States has launched dozens of strikes against boats U.S. officials said were confirmed to be transporting drugs in the Pacific Ocean and Caribbean.
Over 100 alleged narco-terrorists have been killed in the initiative to halt illegal drug trafficking to the United States, according to U.S. officials.
On Jan. 3, Operation Absolute Resolve—a calculated, overnight raid on Venezuela’s capital city—resulted in Maduro and his wife’s capture with no American casualties.
Trump also ordered sanctions on oil tankers arriving and departing from Venezuela as part of the pressure campaign against the former leader’s regime. On Friday, the U.S. seized an oil tanker in the Caribbean Sea.
Venezuela possesses the largest oil reserves in the world. Only days after Maduro’s capture, Trump announced the United States would receive between 30 and 50 million barrels of sanctioned oil.
“This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States!” Trump posted on Truth Social.
The president told Energy Secretary Chris Wright to execute this plan right away. Trump also said oil companies will invest at least $100 billion in Venezuela to rebuild its oil infrastructure to boost production.
Earlier Friday, before the travel advisory was issued, the United States and Venezuela said they are pursuing the possibility of reestablishing diplomatic relations. An American delegation visited the South American country to evaluate possibly reopening the U.S. Embassy in Caracas. The embassy has been closed since 2019 after the United States refused to recognize Maduro as the legitimate leader of Venezuela amid allegations of election fraud in the country.
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1681 UP 0.0058 PTS OR 15 BASIS POINTS/WITH STOCKS IN EUROPE ALL GREEN
USA/ YEN 157.84 UP 0.104 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//END OF YEN CARRY TRADE BEGINS AGAIN DEC 2024/Bank of Japan raises rates by .25% TO 1.75 ..TAKAICHI NEW PM AS YIELDS RISE//JAPAN DEEPLY IN TROUBLE WITH RISING RATES AND A FALLING YEN!!
GBP/USA 1.3406 UP 0.0078 OR 78 BASIS PTS
USA/CAN DOLLAR: 1.3880 DOWN0.0023 CDN DOLLAR UP 23 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED UP 44.98 pts or 1.09%
Hang Seng CLOSED UP 378.69 PTS OR 1.44%
AUSTRALIA CLOSED UP .14%
// EUROPEAN BOURSE: ALL MIXED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MIXED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 378.69 TS OR 1.44%
/SHANGHAI CLOSED UP 44.88ts or 0.16%
AUSTRALIA BOURSE CLOSED UP 0.14%
(Nikkei (Japan) CLOSED HOLIDAY
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 4562.00
silver:$83.01
USA DOLLAR VS TRY: 43.14
USA DOLLAR VS RUSSIAN ROUBLE: 79.70ROUBLE// UP 29 BASIS PTS
UK 10 YR BOND YIELD: 4.3900 UP 1 BASIS PTS
UK 30: 5.128 UP 1 BASIS PTS
CDN 10 YR BOND YIELD: 3.393 UP 0 BASIS PTS
CDN 5 YR BOND YIELD; 2.938 DOWN 0 BASIS PTS
USA dollar index early MONDAY morning: 98.32UP 13 BASIS POINTS FROM FRIDAY’s CLOSE
MONDAY MORNING NUMBERS ENDS
And now your closing FRIDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.088% DOW N 6 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.084% UP 1/10 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.396 DOWN 2 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.234 DOWN 2 in basis points yield
ITALIAN 10 YR BOND YIELD 3.443 DOWN 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.8047DOWN 2 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY MONDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1682 UP 0.0059 OR 59 basis points
USA/Japan: 157.93 UP 0.191OR YEN IS DOWN 19 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.3870DOWN 1 BASIS POINTS //
GREAT BRITAIN 30 YR BOND;5.120 DOWN 1 BASIS POINTS.
Canadian dollar UP 25 BASIS pts to 1.3878
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The USA/Yuan CNY UP AT 6.9731 ON SHORE ..
THE USA/YUAN OFFSHORE// CNH DOWN TO 6.9646
TURKISH LIRA: 43.13 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +2.084 UP 1/10FULL basis pts
THE 30 YR JAPANESE BOND YIELD: 3.396 DOWN 1 basis pts
Your closing 10 yr US bond yield UP 2 in basis points from FRIDAY at 4.190% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.842UP 2 basis points /11:00 AM
USA 2 YR BOND YIELD: 3.541 UP 3 BASIS PTS.
GOLD AT 10;00 AM 4596.00
SILVER AT 10;00: 84.23
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates:MONDAY CLOSING TIME 11:00 AM//
London: CLOSED UP 16.10 PTS OR 0.16%
GERMAN DAX: CLOSED UP 143,70 OR 0.57%
FRANCE: CLOSED DOWN 3.33 PTS OR 0.04%
Spain IBEX CLOSED UP 24.80 PTS OR 0.14%
Italian MIB: CLOSED UP 129.40PTS OR 0.03%
WTI Oil price 58.96 10.00 EST/
Brent Oil: 63.0910:00 EST
USA /RUSSIAN ROUBLE /// AT: 78.50ROUBLE UP 0 AND 49/ 100
CDN 10 YEAR RATE: 3.4094UP 1XBASIS PTS.
CDN 5 YEAR RATE: 2.940 UP 1BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1666DOWN 0.0001 OR 1 BASIS POINTS//
British Pound: 1.3466 UP 0.0006 OR 6basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.3720 DOWN 1 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.1060 UP 6 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.1483UP 6 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.480 UP 10 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 158.02 UP 0.052OR YEN DOWN 5 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING DEEPLY IN VALUE
USA dollar vs Canadian dollar: 1.3875 UP 0.0002 PTS// CDN DOLLAR UP 2BASIS PTS
West Texas intermediate oil: 59.76
Brent OIL: 64.20
USA 10 yr bond yield DOWN 1 BASIS pts to 4.174
USA 30 yr bond yield DOWN 2 PTS to 4.825%
USA 2 YR BOND 3.534 DOWN 1 PTS
CDN 10 YR RATE 3.400 UP 0BASIS PTS
CDN 5 YEAR RATE: 2.937 DOWN 2/5 BASIS PTS
USA dollar index: 98.68 DOWN 22 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 43.15 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 78.32DOWN 0 AND 0/100 roubles //
GOLD $4,592,65(3:30 PM)
SILVER: 84.12 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 86.13 OR 0.17%
NASDAQ 100 UP 62.56 PTS OR 0.26%
VOLATILITY INDEX 15.12 UP 0.63PTS OR 4.35%
GLD: $ 422.23UP 7.76PTS OR 1.87%
SLV/ $77.23UP 4,85PTS OR OR 0.67%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 261.77PTS OR 0.80%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Stocks & Bonds Shrug Off Trump’s Fed Feud; Gold & Crypto Jump
WRAP UP
Dollar hit and curve steepens on DoJ Fed probe – Newsquawk US Market Wrap
Monday, Jan 12, 2026 – 04:27 PM
- SNAPSHOT: Equities up, Treasuries steepen, Crude up, Dollar down, Gold up
- REAR VIEW: DoJ serves Fed with subpoenas over renovation of its Washington HQ, Powell to continue his job; Trump is calling for a one-year cap on credit card interest rates of 10%; Trump says military is considering very strong options in Iran; Iran’s FM and US Envoy Witkoff reportedly discussed potential meeting soon; Mediocre US 3yr note auction, Strong US 10yr auction; AAPL to use GOOGL’s Gemini for AI-powered Siri
- COMING UP: Data: US NFIB (Dec), CPI (Dec), Average Weekly Prelim Estimate ADP. Events: EIA STEO. Speakers: BoE’s Bailey; Fed’s Barkin, Musalem. Supply: Australia, UK, Italy, Germany, US. Earnings: JPMorgan, Delta Air, Bank of New York Mellon.
- WEEK AHEAD: Highlights include US Earnings, US CPI, US Retail Sales, UK GDP, and China Trade. Click here for the full report.
- WEEKLY US EARNINGS ESTIMATES: Financials kick off earnings season; JPM, BAC, WFC, GS, MS, and C all due. Click here for the full report.
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MARKET WRAP
Stocks managed to close in the green, seeing gradual strength throughout the session, paring the weakness seen overnight. The Russell outperformed while sectors were mixed. Consumer Staples led the gains, largely due to Walmart (WMT) rising on news that it is to be added to the Nasdaq 100 index. Financials lagged, however, on Trump’s aim at credit card fees, calling on them to be capped – which hit banks ahead of earnings. Elsewhere, focus lay largely on Fed independence threats after the DoJ investigation into Fed Chair Powell over building renovation costs. The news weighed on the Dollar while the Treasury curve steepened with long-end yields rising as traders price in more term premium. Oil prices settled in the green with focus on geopolitical updates and any potential escalations between the US and Iran. With the Dollar sold and a turnaround in stocks, Antipodes and GBP outperformed, with Antipodes benefiting from rising metal prices. Although the dollar was hit, the Yen was the lagging currency in continuation of Friday’s price action as more reports highlight PM Takaichi’s ruling LDP party is planning to dissolve the country’s Lower House.
FIXED INCOME
T-NOTE FUTURES (H6) SETTLE 2+ TICKS LOWER AT 112-04+
Treasury curve bear steepens in response to DoJ Fed probe. At settlement, 2-year +0.3bps at 3.543%, 3-year +0.5bps at 3.599%, 5-year +0.7bps at 3.764%, 7-year +1.0bps at 3.965%, 10-year +1.6bps at 4.187%, 20-year +1.7bps at 4.783%, 30-year +2.1bps at 4.840%.
THE DAY: T-Notes bear steepened on Monday with long-end yields selling off in response to the DoJ probing Fed Chair Powell and his renovation costs on the Fed building. Normally, Fed Chair Powell ignores these, but he responded to the allegations, denying them and exclaiming that this is an attack from the administration against the Fed over its setting of interest rates. The attack on Fed independence saw long-end yields rise as investors started to demand more term premium, a similar reaction seen when reports circulated of Hassett being Fed Chair, given his closeness with US President Trump. Behind closed doors, the move from the DoJ has not sat well with US Treasury Secretary Bessent. Axios reported that he told Trump this probe has made a mess, and now he believes that Fed Chair Powell could stay on once his term as Chair expires and stay on until his term as governor expires in May 2028. This leaves Trump with just one appointment to the Fed this year – Miran’s replacement, who would likely be the next Fed Chair. Trump is still set to interview BlackRock’s Rick Rieder for the role of Fed Chair, which is reportedly taking place on Thursday, and then we are expecting an announcement on Trump’s pick by the end of the month. Meanwhile, T-Note supply had little impact on price action today (reviews below), with the 30-year bond auction on Tuesday, and traders also eyeing US CPI.
SUPPLY
Notes
- Overall, a solid 10-year auction. The US Treasury sold USD 39bln of 10-year notes at a high yield of 4.173%, stopping through the When Issued by 0.7bps. A better sign of demand when looking at the prior on the screws auction, and also better than the six-auction average of 0.1bps. The bid-to-cover ratio of 2.55x matched the prior and was slightly better than the 2.51x average. Looking at the breakdown, Direct demand rose to 24.5% from 21%, above the 20.6% average. Indirect demand was little changed at 69.6%, in line with recent averages. This left dealers with a low 5.9% of the auction, a sign of stronger overall demand when compared to the prior 8.8% and 9.9% average.
- Overall, a relatively soft-to-average 3-year auction. The US Treasury sold USD 58bln of 3-year notes at a high yield of 3.609%, stopping through the when issued by 0.1bps. This is not as strong as the prior 0.8bps or 0.4bps stop through six auction average. The bid-to-cover was more in line at 2.65x (prev. 2.64x, average 2.65x). The breakdown saw direct demand rise to 29.5% from 19%, above the 24.6% average, but indirect demand fell to 56.5% from 72%, below the 63.3% average. This let dealers with an above average takedown of 14%, vs the prior 9% and 12% average.
- US Treasury to sell USD 22bln of 30yr bonds on Jan 13th (as expected); all to settle Jan 15th
Bills
- US sold USD 86bln of 3-month bills at a high rate of 3.570%, B/C 2.79x
- US sold USD 79bln of 6-month bills at a high rate of 3.490%, B/C 3.17x
- US to sell USD 75bln of 6-week bills on Jan 13th.
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: January 0bps (prev. 0bps), March 4.5bps (prev. 7bps), April 10bps (prev. 11bps), December 50bps (prev. 50bps)
- NY Fed RRP op demand at USD 3.4bln (prev. 3.3bln) across 11 counterparties (prev. 6)
- EFFR at 3.64% (prev. 3.64%), volumes at USD 93bln (prev. 87bln) on January 9th.
- SOFR at 3.64% (prev. 3.64%), volumes at USD 3.166tln (prev. 3.249tln) on January 9th
CRUDE
WTI (G6) SETTLED USD 0.38 HIGHER AT 59.50/BBL; BRENT (H6) SETTLED USD 0.53 HIGHER AT 63.87/BBL
The crude complex saw marginal gains upon the return to trading, amid heightening Iran/US tensions. Over the weekend, several hundred more Iranian protesters reportedly died, and Trump responded, saying the US was considering “very strong options” to intervene, after previously warning he would act if protesters were killed. In more recent updates, Axios reported Iran’s Foreign Minister and US Special Envoy Witkoff discussed a potential meeting soon, and in the coming days, and WSJ, citing US officials, said the White House weighs Iran’s nuclear talks offer as Trump leans towards strikes, although Vance leads the effort by some aides to persuade Trump to engage in negotiations with Tehran. Despite the ever ongoing geopolitical woes, price action was pretty contained on Monday as participants await the next catalyst for the energy space. Elsewhere, Interior Secretary Burgum said if we start seeing low oil prices, it is an opportunity to fill the SPR, which helped oil rise into settlement.
EQUITIES
CLOSES: SPX +0.16% at 6.977, NDX +0.08% at 25,788, DJI +0.17% at 49,590, RUT +0.44% at 2,636
SECTORS: Consumer Staples +1.42%, Industrials +0.75%, Materials +0.74%, Technology +0.35%, Real Estate +0.23%, Utilities +0.19%, Health +0.07%, Consumer Discretionary +0.04%, Communication Services +0.02%, Energy -0.66%, Financials -0.80%
EUROPEAN CLOSES: European Closes: Euro Stoxx 50 +0.32% at 6,017, Dax 40 +0.54% at 25,398, FTSE 100 +0.16% at 10,141, CAC 40 -0.04% at 8,359, FTSE MIB +0.03% at 45,732, IBEX 35 +0.14% at 17,674, PSI -0.31% at 8,494, SMI +0.02% at 13,425, AEX +0.54% at 994.
STOCK SPECIFICS:
- Trump is calling for a one-year cap on credit card interest rates of 10%. Of note for Capital One Financial (COF), Synchrony Financial (SYF), JPMorgan (JPM), Citigroup (C).
- Allegiant Travel (ALGT) to acquire Sun Country (SNCY) for USD 18.89/shr.
- Apple (AAPL) has selected Alphabet’s (GOOGL) Gemini for AI-powered Siri, to be delivered in 2026.
- Citi (C) is reportedly cutting roughly 1k jobs this week in a cost-cut push.
- CrowdStrike (CRWD) downgraded at KeyBanc to ‘Sector Weight’ from ‘Overweight’.
- Duolingo (DUOL) announced CFO transition; prelim Q4 results disappoint.
- Exelixis (EXEL) FY26 rev. view missed expectations.
- Meta (META) reportedly plans to cut ~10% of Reality Labs Business Staff, according to NYT.
- Moderna (MRNA) 2025 rev. outlook matched the street view.
- Palantir (PLTR) upgraded at Citi to ‘Buy’ from ‘Neutral’.
- Shake Shack (SHAK) prelim Q4 rev. metric missed expectations.
- Snowflake (SNOW) downgraded at Barclays to ‘Equal Weight’ from ‘Overweight’.
- UnitedHealth (UNH) reportedly used aggressive tactics when collecting payment-boosting diagnoses for Medicaid Advantage members.
FX
The Dollar Index was lower and seemingly weighed on by Fed independence concerns, given that Federal prosecutors have opened a criminal investigation into Chair Powell over the Fed’s renovation of its Washington HQ. Powell came back with a fierce response, but the outcome will not be in the near future. Elsewhere, newsflow was pretty light on Monday with no Fed speak or data, as attention turns to CPI on Tuesday and the beginning of US earnings season. Geopolitics remains in focus, and any escalation between the US and Iran is one to watch, while Trump, after-hours on Friday, took aim at credit card interest rates, which could also be dampening the appeal of the Dollar.
G10 FX, ex-Yen, were all firmer and profited off the flailing Buck. The Kiwi outperformed and saw NZD/USD print a high of 0.5769 as it remains buoyed by strength across the metals complex, where spot gold continued to make fresh ATHs. GBP, CHF, AUD, EUR, and CAD all saw similar gains, with the Swissy the favoured haven as the Dollar remained out of favour, and the Yen was hindered by continued reporting of PM Takachi’s plans to dissolve parliament and call a snap election. The Yen was the only G10 to lose out vs. the Greenback, which saw USD/JPY hit a peak of 158.21 vs. a low of 157.52. As mentioned, FX headlines were few and far between as the Dollar story stole the headlines, but on the central bank footing, ECB’s Villeroy said it is “fanciful” to think ECB could raise key rate this year and fall in Dollar possible if Fed independence is challenged. EUR/USD traded between 1.1622-98.
LatAm FX broadly benefited from the aforementioned Dollar weakness. There was little new specifics aside from what was mentioned above regarding the Dollar, although Brazil Treasury sees gross debt-to-GDP at 83.6% in 2026, rising to 88.6% by 2032.
USA DATA RELEASE
US Trade Deficit Collapses In October: Structural Shifts In Global Trade Revealed
Saturday, Jan 10, 2026 – 10:30 AM
Submitted by Thomas Kolbe
The US economy managed to drastically reduce its trade deficit in October of last year. Data delayed due to the government shutdown highlight structural shifts in the global trade landscape.
Reducing the massive trade deficit has been a primary goal of the US government’s economic agenda under President Donald Trump. This deficit is almost a mirror of the industrial weakness of the US economy in international comparison. It is also a consequence of the US dollar’s role as the global reserve currency. High demand for dollars facilitated imports and encouraged decades of outsourcing American industrial production to other locations.
In the year prior to his 2024 inauguration, the deficit reached a staggering $918 billion – roughly equivalent to China’s trade surplus.
The months-delayed surveys by the US Chamber of Commerce – a result of the prolonged government shutdown last year – now provide an insightful snapshot for October. During that period, the US trade deficit fell from $48.1 billion to just $29.4 billion, while markets had priced in a deficit of nearly $60 billion.
With the data lag now accounted for, several factors become clear.
Restrictive Trade Policy and Reindustrialization
One key driver is the US government’s restrictive trade policy. Tariffs make imports more expensive and have pushed down trade volumes with China, a topic heavily debated politically between Washington and Beijing. In this context, Trump’s trip to the Arab Gulf states is notable, culminating in investment pledges of hundreds of billions of dollars for American industrial production.
Trump is tackling the trade deficit on two fronts. US industry, which recently accounted for only about 10 percent of GDP, is being systematically rebuilt. This is particularly evident in massive investments in artificial intelligence and energy sectors.
At the same time, China, with its heavily subsidized export machine, is forced to pivot to other markets – increasingly putting pressure on the European Union.
The so-called inventory cycle effect is likely reflected in the Chamber of Commerce numbers. Due to US tariff policies, companies pulled imports forward along supply chains to hedge against potential price increases and supply risks. This effect is now reversing, showing up as declining import demand.
LNG Exports and Economic Warning Signals
Another obviously relevant factor is the export of liquefied natural gas (LNG), which the US government strategically uses as a geopolitical lever. LNG exports rose 25 percent last year to 116 million tons. Germany, in particular, has been involved in this trade since the halt of cheap Russian gas imports, facing a significantly higher price for US LNG.
Depending on market prices – estimated between $8.5 and $9.5 per MMBtu – the value of US LNG exports is likely well over $50 billion.
Another less-discussed factor potentially affecting the trade balance lies beneath the surface, in the middle- and lower-income brackets in the US. Private households may have curtailed demand due to persistently high prices, which could also influence the trade figures.
However, this effect is expected to moderate given the continued high growth momentum of the US economy. In the last two quarters of the previous year, GDP grew at an annualized rate of roughly 4.5 percent, while domestic energy prices continued to decline. Additionally, as part of the government’s deportation measures, property prices in some regions have reportedly started to ease. The US government recently reported the repatriation of roughly 2.6 million previously illegally residing immigrants. This could dampen rent and housing costs, easing the financial burden on households.
The International Monetary Fund (IMF) projects global economic growth of around 3 percent this year – well below the historical trend of 3.5–4 percent. Yet dynamic indicators, such as shipping indices, suggest a tentative recovery in global trade. The reference “Drewry World Container Index (WCI)” has shown early signs of improvement along main routes connecting China, the US, and European ports.
Apparently, companies along global supply chains have adapted to US tariffs and are gradually returning to normal operations.
German Exports Sluggish
Germany’s export sector performed modestly last year. Nominal exports rose 0.6 percent to roughly €1.6 trillion, while volume-adjusted exports lost about 2 percent.
The reasons are well known: the energy crisis and declining competitiveness weigh heavily on industrial core sectors. Structural pressure is most visible in the automotive and machinery industries. Consequently, Germany’s trade surplus with the US shrank by 7.3 percent.
Even sharper declines occurred in China, where German exporters lost around 10 percent of business volume. Meanwhile, Germany’s imports rose 4.4 percent year-on-year, notably driven by Chinese capital goods. This suggests a reversal in knowledge transfer: China is increasingly a technology exporter rather than merely the global “low-cost factory.”
For the full year 2025, pending final monthly data, Germany’s trade surplus is expected at roughly €195 billion – the lowest since 2012, excluding the exceptional Corona lockdown year.
* * *
About the author: Thomas Kolbe, born in 1978 in Neuss/ Germany, is a graduate economist. For over 25 years, he has worked as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.
USA ECONOMIC COMMENTARIES
“Affordability!”: Trump Calls For Temporary 10 Percent Cap On Credit Card Interest Rates
Saturday, Jan 10, 2026 – 12:15 PM
President Trump said on Jan. 9 that he would call for a one-year cap on credit card interest rates of 10 percent, potentially starting later this month, though its enforcement may depend on Congress.
In a Truth Social post, Trump said that Americans are being “ripped off” by credit card companies that charge interest rates between 20 and 30 percent, and vowed his administration will put an end to it.
“AFFORDABILITY! Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%,” the president stated.
The cap’s proposed start date coincides with the anniversary of Trump’s second-term inauguration and, if implemented, would fulfill his 2024 election campaign pledge.
Who could have seen that coming?
As Bloomberg reports, card-lending has become highly lucrative with JPMorgan saying that in 2024 the net yield on its more than $200 billion in card loans was 9.73%. That drove the bulk of the $25.5 billion of revenue for its card services and auto unit, though the bank also had about $7 billion of charge-offs tied to cards.
Banking associations, including the Bank Policy Institute, issued a joint statement on Jan. 9 saying the 10 percent cap on credit card interest rates would reduce credit availability and adversely affect families and small business owners who rely on credit cards.
“We share the president’s goal of helping Americans access more affordable credit,” the groups said in a joint statement late Friday.
“At the same time, evidence shows that a 10% interest rate cap would reduce credit availability and be devastating for millions of American families and small business owners who rely on and value their credit cards, the very consumers this proposal intends to help.”
“If enacted, this cap would only drive consumers toward less regulated, more costly alternatives. We look forward to working with the administration to ensure Americans have access to the credit they need,” the statement reads.
A credit union trade group called a potential cap “devastating” for its members.
“Institutions will not be able to offer credit cards to most consumers at a 10% rate,” said Scott Simpson, the president of America’s Credit Unions.
“A 10% cap would mean the end of credit cards for most consumers except those who need them the least,” said Matthew Goldman, founder of Totavi, a consulting firm to electronic-payment and other financial technology companies. For example, “those with very good credit.”
There have been some legislative efforts in Congress to pursue such a proposal, but they have yet to become law. In his post, the president did not offer explicit support to any specific bill.
In February last year, Sens. Bernie Sanders (I-Vt.) and Josh Hawley (R-Mo.) introduced bipartisan legislation to limit credit card interest rates to 10 percent for five years.
According to the senators, credit card companies earned about $130 billion in interest and fees in 2022, while the average U.S. household with credit card debt carried more than $21,000 of it as of 2023.
“When large financial institutions charge over 25 percent interest on credit cards, they are not engaged in the business of making credit available. They are engaged in extortion and loan sharking,” Sanders said in a Feb. 4, 2025, statement.
“We cannot continue to allow big banks to make huge profits ripping off the American people. This legislation will provide working families struggling to pay their bills with desperately needed financial relief.”
In the same statement, Hawley said the proposed legislation aligns with Trump’s 2024 election pledge, adding that the cap will provide “meaningful relief” to working Americans.
Following Trump’s announcement on Jan. 9, Hawley signaled his support for the move, saying on social media, “Fantastic idea. Can’t wait to vote for this.”
Trump has sought to dismantle the Consumer Financial Protection Bureau (CFPB), the independent bureau within the Federal Reserve System responsible for overseeing credit card regulations. Acting Director Russell Vought, who also serves as the White House budget chief, has halted most of the agency’s operations.
Last year, the Trump administration asked a federal court to throw out a CFPB rule capping credit card late fees at $8, saying it agreed with business and banking groups that alleged the rule was illegal. A federal judge subsequently threw out the Biden-era rule.
The Epoch Times has reached out to the White House for comment and did not receive a response by the time of publication.
END
THIS OUGHT T0 BE FUN!!
January 11, 2026
Statement from Federal Reserve Chair Jerome H. Powell
Statement by Federal Reserve Chair Jerome H. PowellPlay Video
January 11, 2026Transcript (PDF)
Good evening.
On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June. That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings.
I have deep respect for the rule of law and for accountability in our democracy. No one—certainly not the chair of the Federal Reserve—is above the law. But this unprecedented action should be seen in the broader context of the administration’s threats and ongoing pressure.
This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress’s oversight role; the Fed through testimony and other public disclosures made every effort to keep Congress informed about the renovation project. Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.
This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation.
I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment. Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people.
Thank you.
Last Update: January 11, 2026
END
USA/CREDIT CARD COMPANIES
Credit Card Stocks Tumble As Trump Floats One-Year 10% Rate Cap
Monday, Jan 12, 2026 – 07:45 AM
European and US credit card companies are sliding in premarket trading after President Trump said on Truth Social late Friday (read report) that a 10% cap on credit card interest rates is very much on the table as part of his push to improve affordability.
In a Truth Social post, Trump said Americans are being “ripped off” by credit card companies that charge interest rates of 20 to 30% and vowed that his administration will put an end to it.
“AFFORDABILITY! Effective January 20, 2026, I, as President of the United States, am calling for a one-year cap on Credit Card Interest Rates of 10%,” the president stated.
The cap’s proposed start date coincides with the anniversary of Trump’s second-term inauguration and, if implemented, would fulfill his 2024 election campaign pledge.
American Express, Capital One, Visa, Mastercard, JPMorgan, Citi, and Wells Fargo all declined in New York premarket trading, with Capital One and Citi among the hardest hit due to their heavy exposure to credit card lending.
Premarket movers:
- American Express -4.4%,
- Capital One Financial -8.7%,
- Mastercard -2% and Visa -1.6%
Also track:
- Wells Fargo -2.1%,
- JPMorgan Chase -3%,
- Citi -4%
European lenders that offer US credit cards were also declining late in the session:
- Barclays -3.2%,
- Santander -1.6%
- and HSBC -.2%
Goldman analyst Gaelle Jarrousse commented on credit card firms and bank stocks tumbling in the European cash session, as well as the downward pressure on the same types of companies in the U.S. premarket:
Let’s start with BARCLAYS down 4-5% at the open on the US CREDIT CARD CAP. Negative headlines post Friday US close from Trump who suggested a cap on credit cards to 10%. However, for this to work, the congress needs to pass a law and we have seen in the past, senators such as Sanders introducing bills proposing a 10% cap but none of them advanced into law. On top of that, banks and credit cards companies have started to lobby and highlighted the contraction of credit card availability that will result from such a measure.
. . .
The US credit cards headline is adding to the pressure we have seen on banks over past few sessions given valuation level (sector on 9.5x 27e) and positioning.
In a separate note, JPMorgan analyst Vivek Juneja warned there will be a “material hit” if this is enacted and “could push consumers into more expensive debt.”
Juneja said that while the news will be negative for bank stocks, “this rate cap would not address the root of the problem,” which is the rising Fed fund rate.
He said that among the banks in the JPM universe: “Citi has the highest share of credit card loans at 23% of total, followed by JP Morgan (16%), Bank of America (9%), US Bancorp (8%), and Wells Fargo (6%).”
Bloomberg Intelligence analyst Philip Richards pointed out that Trump’s demand for lower credit card rates “might not be enforced in full given the strength of US bank lobby groups.”
Cowen analyst Moshe Orenbuch said, “This is a resurgence of Trump’s campaign promise, and an escalation of the headline risk for credit card issuers.”
END
CALIFORNIA/TRUMP
DOT Strips California Of $160 Million Over Foreign Truckers
26 – 06:30 AM
By John Gallagher of FreightWaves
A showdown between the U.S. Department of Transportation and the State of California reached a breaking point on Wednesday after Transportation Secretary Sean Duffy announced the Federal Motor Carrier Safety Administration will withhold approximately $160 million in safety program money from the state.
The move follows California’s failure to meet a January 5 deadline to cancel more than 17,000 commercial truck driver’s licenses that Duffy asserts were unlawfully issued by the state to foreign truckers.
The California Department of Motor Vehicles announced in late December that it would delay the cancellation until March 6, but FMCSA did not agree to the extension.
“It’s reckoning day for [Governor] Gavin Newsom and California,” Duffy stated in a press release announcing a final determination letter that was sent to Newsom and the DMV.
“Our demands were simple: follow the rules, revoke the unlawfully-issued licenses to dangerous foreign drivers, and fix the system so this never happens again. Gavin Newsom has failed to do so – putting the needs of illegal immigrants over the safety of the American people.
“While Gavin may not care about protecting you and your family on our roads, the Trump Administration does. We’re pulling this funding to ensure federal tax dollars don’t fund this charade.”
A nationwide audit issued by FMCSA last summer of non-domiciled CDLs – which allow individuals who are not U.S. citizens or permanent residents to obtain commercial licenses – uncovered what government officials called a “systemic collapse” in California, where licenses were allegedly issued with expiration dates years beyond a driver’s lawful presence in the U.S.
FMCSA Administrator Derek Barrs emphasized that the agency would not compromise on the removal of these drivers from the road.
“Federal regulations are clear: states must correct safety deficiencies on a schedule mutually agreed upon by the agency, and California failed to meet its commitment,” Barrs stated. “We will not accept a corrective plan that knowingly leaves thousands of drivers holding noncompliant licenses behind the wheel of 80,000-pound trucks in open defiance of federal safety regulations.”
The $160 million penalty marks the first year of potential sanctions. Under federal law, if California continues to defy the FMCSA’s Final Determination, the amount withheld could double in the second year.
“We strongly disagree with the federal government’s decision to withhold vital transportation funding from California – their action jeopardizes public safety because these funds are critical for maintaining and improving the roadways we all rely on every day,” California DMV Public Affairs Deputy Director Eva Spiegel told FreightWaves in an email statement.
“The DMV is fully compliant with state and federal regulations and had engaged in positive conversations with FMCSA and DMV about extending the January 5 cancellation date to allow additional time for FMCSA to review the department’s commercial driver’s license program.”
The crackdown is expected to further tighten capacity in a West Coast freight market already grappling with shifts in regulatory policy. FreightWaves has previously reported on the potential for capacity crunches as thousands of drivers – many of whom have been integral to spot market operations – are forced out of service.
Todd Spencer, president of the Owner Operator Independent Drivers Association, said the crackdown on non-domiciled CDLs is overdue. “The days of exploiting cheap labor on the basis of false ‘driver shortage’ claims are over,” Spencer said in a press statement in response to DOT’s latest announcement.
“For too long, loopholes in this program have allowed unqualified drivers onto our highways, putting professional truckers and the motoring public at risk.”
END
Trump Imposes 25% Tariff On Any Country Doing Business With Iran “Effective Immediately”
Monday, Jan 12, 2026 – 06:23 PM
After it quietly faded away in late summer, that trade war with China is about to make a triumphal reappearance.
In a day that was already flooded by a relentless firehose of newsflow, Trump added to the leaning tower of chaos when said on Truth Social that he was imposing a 25% tariff on goods from countries “doing business” with Iran (most notably China which is its largest oil client), ratcheting up pressure on the government in Tehran that has been rocked by widespread protests.
Trump said that the new duty would be “effective immediately,” without providing any details about the scope or implementation of the charges, leaving traders to act first and ask questions later if at all (a big reason why there is zero liquidity in the market is because people are trading with zero conviction and unwind trades just as fast as they put them on).
The action has the potential to disrupt major US trading relationships across the globe: as Bloomberg notes, Iran’s partners include not only neighboring states, but large economies including India, Turkey and especially China.
“Any Country doing business with the Islamic Republic of Iran will pay a Tariff of 25% on any and all business being done with the United States of America. This Order is final and conclusive,” he said.
Previously, Trump had imposed tariffs as high as 50% on Indian goods tied to their purchase of Russian oil, and while India initially reduced its purchases of Russian crude it has since ramped them back up; China on the other hand, never even noticed the Trumpian edict.
Needless to say, the additional 25% tariff – assuming it sticks – hitting Beijing exports risks upsetting the trade truce Trump negotiated with Chinese President Xi Jinping late last year. China is the world’s top buyer of Iranian crude and the nation’s independent refiners were increasing their intake of the oil as of last month.
While the lack of details in the Trump declaration was confusing, adding to the sheer chaos is an impending decision by the US Supreme Court on the legality of Trump’s global tariffs. If the justices rule against him, it could hamper his ability to quickly impose duties on Iran’s partners. The court’s next opinion day is Wednesday.
As for Iran, it has been experiencing weeks of mass unrest, which was initially sparked by a currency crisis and worsening economic conditions but has increasingly been aimed at the regime. It’s amounted to the biggest challenge to the Islamic Republic’s ruling system since 1979. While Supreme Leader Ayatollah Ali Khamenei’s regime has weathered protests before, the demonstrations are spreading and drew hundreds of thousands of people, by some accounts, across the country over the weekend. Iranian authorities have sought to stamp out the protests with more than 500 people killed so far and more than 10,000 arrests, according to the Human Rights Activists News Agency.
Trump has openly backed the protesters and warned Tehran against violently repressing the demonstrations. In an interview on Fox News last week, he said the US would hit Iran “very hard” if it continued to shoot at protesters.
As reported earlier, Trump president told reporters on Sunday that the Iranian leadership has reached out to seek talks and that a meeting is being set up, without offering details on timing. Still, he said that his administration is considering potential options and indicated he was coordinating with allies in response to Iran.
“We’re looking at it very seriously. The military is looking at it, and we’re looking at some very strong options,” Trump told reporters. “I’m getting an hourly report and we’re going to make a determination.”
Also over the weekend, a White House official said that Trump has been briefed on a range of options for military strikes in Iran, including nonmilitary sites. The president is seriously considering authorizing an attack, according to the official who requested anonymity to detail internal discussions.
Still, there is hope for a peaceful resolution: Iranian Foreign Minister Abbas Araghchi has opened channels of communication with Trump’s Middle East envoy, Steve Witkoff, a spokesman from the ministry said Monday.
Meanwhile, Iran has warned the US and Israel – which coordinated to carry out strikes on nuclear facilities in the country last year – against any attempt to intervene. Tehran and Washington have not had formal diplomatic ties for decades.
Trump’s threats to Iran have the region on edge, coming on the heels of a US strike earlier this month in Venezuela – another oil-rich country – which led to the capture of strongman Nicolas Maduro. Should the US or its ally, Israel, intervene, that threatens to draw neighboring countries into the crisis and risk access to the Strait of Hormuz, a key waterway for energy exporters.
ROBERT H
The Kobeissi Letter on X: “The US debt crisis worsens: US government interest payments are now up to an annualized record of $1.47 trillion. This comes as federal interest payments rose +5% YoY, to $1.20 trillion, an all-time high. Federal interest costs have DOUBLED over the last 4 years. Meanwhile, https://t.co/TJbhI3ShBY”
conomic expansion has to be extensive to keep up with such interest cost.
KING NEWS
| The King Report January 12, 2025 Issue 7657 | Independent View of the News |
| President Trump says “we’re ready to do it” if the Islamic regime plays rough with protestors. “We’re going to hit them very hard if they do that.” https://t.co/pTRZF2yXQH On Saturday, Trump just posted: “Iran is looking at freedom like never before (can’t he find a different phrase?). The USA stands ready to help!!!” Trump administration officials have had preliminary discussions about how to carry out an attack on Iran if needed to follow through on Trump’s threats, including what sites might be targeted… One option being discussed is a large aerial strike on Iranian military targets… – WSJ On Saturday, the US warned Iran to not employ mercenary forces. Reports say mercenaries are in Iran, and Iran ‘security forces’ have killed at least 500 people. Some estimates put deaths at 2,000. We noted numerous times that someone keeps accurately trading on inside info re: events and data! Trump posts unpublished gov’t jobs data on Truth Social — 12 hours before official release https://nypost.com/2026/01/09/business/trump-posts-unpublished-govt-data-on-truth-social-12-hours-before-official-release/ December NFP are 50k, 70k was expected, two-month revision -76k with Nov to 56k from 64k. The Unemployment Rate fell to 4.4% from a revised 4.5% (from 4.6%. 4.5% was consensus. The Labor Force Participation Rate is the expected 62.4%, down 0.1 from November’s 62.5%. Once again, Team Trump fudged the seasonal adjustment to produce more NFP than reality. December 2024, NSA NFP is 159.923m. It was adjusted to 158.942m, a -981k adjustment. December 2025 NFP is 160.448m. It is adjusted to 159.526m, 1 -922k adjustment, which created 69k jobs. Table B-1 Employees on nonfarm payrolls by industry sector and selected industry detail https://www.bls.gov/news.release/empsit.t17.htm The Birth/Death Model for Dec is -46k vs -67k for Dec 2024. A reduction of 21k jobs, which added to the NFP adjustment nets +48k jobs. https://www.bls.gov/web/empsit/cesbd.htm Establishment Survey (CES) Highlights Mfg. -8k, Construction -11k, Retail -25k, Healthcare & Social Assistance +38.5k, Leisure and hospitality +47k, Gov’t +13k https://www.bls.gov/news.release/empsit.t17.htm Household Survey Highlights Employed +232k; Unemployed -278k, Civilian Work Force -46k, Not in Labor Force +229k; Part time for noneconomic reasons -817k; Part time for economic reasons -146k with ‘could only find part-time work -136k; Discouraged Workers -183k https://www.bls.gov/news.release/empsit.a.htm Wages are 0.3% m/m & 3.8% y/y; 0.3% m/m and 3.6% y/y were expected. The Workweek was 34.2. The BLS: The federal government shutdown did not impact the collection of household survey data for December 2025. The household survey returned to the usual composite weighting methodology in December. The impact of the November weighting change on the standard error for the December unemployment rate was negligible. https://www.bls.gov/news.release/empsit.nr0.htm Jan UM Sentiment 54, 53.5 expected, 52.9 prior; Current Conditions 52.4, 52 expected, 50.4 prior; Expectations 55 as expected, 54.6 prior; 1-year Inflation 4.2%, 4.1% expected, 4.2% prior; 5-10-year Inflation 3.4%, 3.3% expected, 3.2% prior ZH: Even though Democrat confidence rebounded from record rock bottom lows, the gap between Republicans and Dem sentiment is the second biggest on record (96.3 vs 38.1) https://t.co/tFfng5ZILU @AtlantaFed: On January 9, the GDPNow model nowcast of real GDP growth in Q4 2025 is 5.1%: https://bit.ly/32EYojR (Only economic imbeciles would advocate for triple-digit rate cuts!) Precious metals and energy commodities rallied sharply on Friday. USHs and stocks rallied moderately. ESHs opened +12.00 on Thursday night but quickly fell to 6954.25 (-7.75) at 20:34 ET. After a modest bounce, ESHs traded in a 6-handle range until the traded higher after 4:26 ET. ESHs immediately resumed range trading and stayed in a 4-handle band until they broke higher at 6:18 ET. ESHs hit 6973.25 at 6:39 ET and retreated to 6965.25 at 7:35 ET. ESHs then rallied to 6989.75 at 9:03 ET. The Dec NFP Report had a modest impact. Sellers appeared, possibly when the SCOTUS failed to issue a Trump Tariff ruling. ESHs sank to 6955.75 at 10:06 ET. Hyper buying the propelled ESHs vertically to 6999.75 at 10:33 ET. The 2nd-Hour Reversal pushed ESHs down to 6977.25 at 10:52 ET. ESHs then methodically stair stepped higher. ESHs hit a daily high of 7017.50 at 15:22 ET. Liquidation for the weekend appeared; ESHs sank to 700.25 at 15:59 ET. Russia just used its new hypersonic missile again in Ukraine. Here’s what to know about the Oreshnik – Streaks at 10 times the speed of sound, or Mach 10, “like a meteorite,” and was immune to any missile defense system. He (Putin) said the weapon is so powerful that several such missiles — even fitted with conventional warheads — could be as devastating as a nuclear strike. He said it’s capable of destroying underground bunkers “three, four or more floors down.”… (Used to intimidate EU leaders) https://apnews.com/article/russia-ukraine-war-missile-hypersonic-oreshnik-40502d366170b9830f007913e0b8aa9e Positive aspects of previous session The S&P 500 Index hit a record high; Fangs rallied sharply. USHs rallied moderately. Negative aspects of previous session Precious metals soared; energy commodities rallied sharply. Ambiguous aspects of previous session Will commodities or stocks perform better on DJT’s MBS QE and the Fed’s T-Bill QE? First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Up; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6954.09 Previous session S&P 500 Index High/Low: 6978.36; 6917.64 US nabs another ‘ghost fleet’ tanker in Caribbean raid, warns criminals: ‘There is no safe haven’ https://t.co/QKjWlvMU07 @Global_Mil_Info: “We’re going to start hitting targets on land when it comes to the cartels. The cartels are running Mexico,” President Trump said during an interview with Fox News’ Sean Hannity that aired Thursday night. https://twitter.com/Global_Mil_Info/status/2009456036227240330?s=02 Mexican President Urges US Coordination After Trump Cartel Threat https://www.newsmax.com/newsfront/sheinbaum-trump-mexico/2026/01/09/id/1241540/ NY Post: The US used a powerful sonic weapon that brought Venezuelan soldiers to their knees, “bleeding through the nose” and vomiting blood during the daring raid to capture dictator Nicolas Maduro, according to a witness account posted Saturday on X by the White House press secretary… @nettermike: This account from a Venezuelan security guard loyal to Nicolás Maduro is absolutely chilling—and it explains a lot about why the tone across Latin America suddenly changed. Security Guard: …We were on guard, but suddenly all our radar systems shut down without any explanation. The next thing we saw were drones, a lot of drones, flying over our positions… After those drones appeared, some helicopters arrived… I think barely eight helicopters. From those helicopters, soldiers came down… Maybe twenty men. But those men were technologically very advanced… it was a massacre. We were hundreds… They were shooting with such precision and speed… it seemed like each soldier was firing 300 rounds per minute. We couldn’t do anything… At one point, they launched something… it was like a very intense sound wave. Suddenly I felt like my head was exploding from the inside. We all started bleeding from the nose. Some were vomiting blood. We fell to the ground, unable to move. Those twenty men, without a single casualty, killed hundreds of us. We had no way to compete with their technology, with their weapons. I swear, I’ve never seen anything like it. We couldn’t even stand up after that sonic weapon or whatever it was… I’m sending a warning to anyone who thinks they can fight the United States. They have no idea what they’re capable of. After what I saw, I never want to be on the other side of that again. They’re not to be messed with…. Everyone is already talking about this. No one wants to go through what we went through. Now everyone thinks twice. What happened here is going to change a lot of things, not just in Venezuela but throughout the region. https://x.com/nettermike/status/2009843044028428714 @spectatorindex: US calls on nationals to leave Venezuela as armed militias are ‘setting up roadblocks and searching vehicles for evidence of U.S. citizenship or support for the United States’ Progressives Push Government Shutdown to Defund ICE After Minneapolis Shooting Despite Democratic efforts to frame the issue as chaos induced by federal enforcement, crime data reveals a different national picture. Nationwide homicides dropped by approximately 16% in 2025, according to analyst Jeff Asher. Yet, Minneapolis remained an outlier with 76 homicides in 2024, up from 72 the year prior — well above pre-pandemic levels. https://www.breitbart.com/politics/2026/01/08/progressives-push-government-shutdown-to-defund-ice-after-minneapolis-shooting/ @Bannons_WarRoom: SEN. RAND PAUL (R): Can you imagine if this much fraud is happening in the small state of Minnesota, what must be happening in California and New York? I’ve authored new legislation for an audit of ALL welfare programs in every state. It’s time to fix this. Jill Biden visited Minnesota to tout billions in childcare spending during husband’s administration https://t.co/rC7VVjUg1L @iAnonPatriot: Zohran Mamdani’s advisers plan for socialized housing. “Housing will be owned by a collective and everyone will be paying 30% of their income, in order to live in their housing.” “If someone makes $0 per year, they live for free — if someone makes $500k per year, they’re paying 30% of that.” https://x.com/iAnonPatriot/status/2009681913359810771 @WallStreetApes: McDonald’s CEO reveals the real reason they’re shutting down in Chicago “The CEO of McDonald’s making a stunning revelation to other corporate CEOs. Chicago crime is making it very hard to do business. Everywhere I go, I’m confronted by the same question these days. What’s going on in Chicago? There is a general sense out there that our city is in crisis. It’s more difficult today for me to convince a promising McDonald’s executive to relocate to Chicago from one of our other offices than it was just a few years ago. McDonald’s CEO just delivered a stark warning to Chicago. The company that has been headquartered in the city for decades says staying there is no longer guaranteed. Crime has driven employees away. Executives refuse to relocate. The Golden Arches may be leaving for good” Wealth tax threat prompts at least six billionaires to cut ties with California, as about 20 more mull exit: report https://trib.al/qQFsBLF ‘Tax the motherf–ing rich!’ Elected socialists privately threaten Hochul if she doesn’t fall in line https://trib.al/iF5Bgx4 DJT called for a 10% 1-year cap on credit card rates. Banks will revoke risky borrower cards. NYT: US Prosecutors Open Probe into Fed’s Powell on HQ Revamp Statement from Federal Reserve Chair Jerome H. Powell This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress’s oversight role; the Fed through testimony and other public disclosures made every effort to keep Congress informed about the renovation project. Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President… https://www.federalreserve.gov/newsevents/speech/powell20260111a.htm Today – Traders want to play for the Monday Rally; but geopolitics are ugly, DJT’s new populist scheme is capping credit card interest rates; and the SCOTUS reportedly will issue it’s Trump Tariff ruling tomorrow, after punting it on Friday. Also, reports claim Trump is weighing what action to take on Iran, and the Schiff could hit the fan tomorrow. This is why instead of the usual Sunday Night buying, ESHs are -35.50; NQHs are -204.50; Feb AU is +92.75; and USHs are -3/32 at 20:35 ET. Trump’s petty prosecution of Powell, unless ‘they’ have solid evidence, should unnerve the markets. Also, human nature might induce a critical mass of Fed voters to NOT cut rates to spite Trump. Some GOP Senators, mostly anti-DJT types, are condemning AG Bondi and Trump for prosecuting Powell and trying to intimidate coming Fed Chairs. This will NOT end well for Trump!!! S&P Index 50-day MA: 6818; 100-day MA: 6715; 150-day MA: 6556; 200-day MA: 6323 DJIA 50-day MA: 47,785; 100-day MA: 46,926; 150-day MA: 45,930; 200-day MA: 44,720 (Green is positive slope; Red is negative slope) S&P 500 Index (6966.28 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 5896.83 triggers a sell signal Weekly: Trender is positive; MACD is negative – a close below 6420.50 triggers a sell signal Daily: Trender and MACD are positive – a close below 6866.48 triggers a sell signal Hourly: Trender and MACD are positive – a close below 6952.21 triggers a sell signal @AlphaNews: Alpha News has obtained cellphone footage showing perspective of federal agent at center of ICE-involved shooting in Minneapolis (‘Partner’ opens passage door after ICE agents commands driver to “get out of the car” and commands the driver to “Drive baby (?), drive, drive”, in defiance of ICE agent order) https://x.com/AlphaNews/status/2009679932289626385 VP @JDVance: Watch this, as hard as it is. Many of you have been told this law enforcement officer wasn’t hit by a car, wasn’t being harassed, and murdered an innocent woman. The reality is that his life was endangered and he fired in self defense. Lawyers note that the instruction to “drive, drive” is highly incriminating for both women. Plus, the video evinces that the driver’s car struck the ICE agent. Mayor Frey inadvertently confirmed this! @townhallcom: Mayor Frey’s DUMBEST Comment Yet: “The ICE agent walked away with a hip injury that he might as well as gotten from closing a refrigerator door with his hips...Give me a break. No, he was not ran over. He walked out of there with a hop in his step.” So…SHE HIT HIM WITH HER CAR. That’s use of force with a deadly weapon… https://x.com/townhallcom/status/2009690658378821968 @DC_Draino: Ah yes, felony murder. Felony murder is a legal rule that allows individuals to be charged with murder if someone dies during the commission of a dangerous felony, even if they did not intend to kill or directly cause the death. Arrest the wife. NY Post: Dramatic footage from ICE agent’s phone shows fiery confrontation with Renee Nicole Good, wife seconds before he shot her – Renee Nicole Good’s wife was antagonizing ICE agents just moments before the fatal shooting in Minneapolis… The video — filmed by agent Jonathan Ross on Wednesday – shows the heated interaction between the Goods in the lead-up to the shooting — with Renee behind the driver’s seat of the plum-colored Honda Pilot and her wife Rebecca standing in the street next to the car… https://nypost.com/2026/01/09/us-news/dramatic-footage-from-ice-agents-phone-shows-fiery-confrontation-between-renee-nicole-good-wife-seconds-before-minneapolis-shooting/ @CollinRugg: CNN has obtained a new angle of the incident involving Renee Good in Minneapolis, shows Good’s vehicle sitting sideways in the street for three minutes before shots were fired. The footage shows a person exiting the car on the passenger side. “[Video] shows Renee Good’s maroon Honda Pilot entering from the right there. Then, 20 seconds later, someone gets out on the passenger side.” “We don’t know who or why this person leaves the car. We then see her turn and pull perpendicular across the street, seeming to block the way.” https://t.co/jdV0YBwI3A Apparently Good was not the innocent “legal observer” Dems claimed. Dem Rep. Ilhan Omar squares off against feds, joins Minneapolis protesters after being kicked out ICE facility https://trib.al/EB6zpPK @GrageDustin: After Minneapolis Public Schools shut down, citing safety concerns… Parents are now coordinating which protests to bring their children to while schools remain closed. In this case, one parent is planning to bring a 9 year old to protest ICE. (Is this acceptable/normal behavior for a parent?) https://x.com/gragedustin/status/2009355203435483408 On Friday night, rioters savaged downtown Minneapolis. Police, including the chief, ran away. @Julio_Rosas11: Minneapolis Police, including Chief Brian O’Hara, were just chased down and attacked by anti-ICE rioters while escorting a squad car out of the protest area. https://t.co/kanvVOHh56 @KimKatieUSA: Complete lawlessness at the Renaissance Hotel in Minneapolis. Chief Brian O’Hara stands by while criminals take over the inside, making noise so paying guests can’t sleep. This is what happens when leadership chooses chaos over law and order. https://t.co/K39jrI5cK1 Minneapolis Mayor Jacob Frey says ‘far right’ agitators led to nearly 30 arrests during chaotic protests (Why say something so deceitful! Liberals have got away with stuff for eons!) https://trib.al/lhUrbrC @LauraPowellEsq: ICE Watch Minnesota—the group that Renee Good was reportedly affiliated with—shared this graphic in their “Legal/Resources” folder on Instagram. Among the recommended actions when witnessing ICE making an arrest are using cars to block ICE vehicles, and asking white people “to put their bodies” between agents and arrestees. They do warn that there are “legal risks,” but apparently they don’t realize illegally interfering with law enforcement carries an inherent risk of being physically harmed. https://x.com/LauraPowellEsq/status/2009755496010657853 As reported in @NRO, the group also shared this “De-Arrest Primer,” with tips on freeing people from law enforcement custody. One action recommended is surrounding law enforcement vehicles so they cannot move. The primer assures people that this tactic carries the lowest level of risk. It explains that these tactics are “well worth the risk,” as protest arrests are usually “catch and release.” Again, these people are not taking into account the inherent risk of being physically hurt when interfering with law enforcement. https://x.com/LauraPowellEsq/status/2009755496010657853 @AlecLace: Adam Schiff: Renee Good was just dropping her kids off at school… not involved in a protest or anything Reality: She’s blocking the road for 3+ minutes, blasting her horn, and dancing like it’s a party while impeding ICE agents Video doesn’t lie. Shifty Schiff does. https://x.com/AlecLace/status/2010069486767071684 @WesternLensman: Dem Rep. Dan Goldman: “It was very clear that [Good] was following the orders of the ICE agent to leave.” The orders of the ICE agent: “Get out of the car. Get out of the f*cking car. Get out of the car.” The lies are absolutely endless. https://t.co/wtn4betNNW @DHSgov on Friday: Yesterday, two suspected Tren de Aragua gang associates—let loose on American streets by Joe Biden—weaponized their vehicle against Border Patrol in Portland. The agent took immediate action to defend himself and others, shooting them. The driver of the vehicle, Luis David Nico Moncada is a criminal illegal alien from Venezuela and suspected Tren de Aragua gang member. He illegally entered the U.S. in 2022 and was RELEASED into the country by the Biden administration. Since then, he was arrested for DUI and unauthorized use of a vehicle. He has a final order of removal. The passenger, Yorlenys Betzabeth Zambrano-Contreras is a criminal illegal alien from Venezuela and is associated with Tren de Aragua. She illegally entered the U.S. in 2023 near El Paso, Texas, and was RELEASED into this country by the Biden administration. Since illegally entering, Contreras played an active role in a Tren de Aragua prostitution ring and was involved with a prior shooting in Portland. https://x.com/DHSgov/status/2009638506339926497 Portland police chief cries while admitting DHS was right about Tren de Aragua ties in CBP shooting – Day said he initially hesitated to disclose the suspected gang connection, citing what he described as the “historic injustice of victim blaming” by law enforcement, including within his own agency. “I want to speak for just a moment, specifically to my Latino community,” Day said. “It saddens me that we even have to qualify these remarks because I understand or at least have attempted to understand your voices, your concern, your fear, your anger,” Day said, removing his glasses mid-sentence and wiping tears from his eyes… (This squish shouldn’t be in law enforcement!) https://www.foxnews.com/us/portland-police-chief-cries-admitting-dhs-right-tren-de-aragua-ties-cbp-shooting Portland Police Chief Cries After Admitting Suspects in Border Patrol Truck Attack Are Tren de Aragua Associates – Portland Police Chief Bob Day knew on the first day but withheld this information from the public as leftists urged violent revenge against federal agents… Portland and Oregon leaders — all Democrats — rushed to stage an emergency press conference condemning federal agents, rejecting DHS’ statements, and publicly siding with the violent suspects, whom they repeatedly described as “victims.” Corporate media followed suit, misleading the public and inflaming tensions. The Portland Police chief refused to share the truth about the suspects’ Tren de Aragua ties… https://www.ngocomment.com/p/portland-police-chief-cries-after @KatieDaviscourt: Oregon Attorney General Dan Rayfield launches an investigation into the Border Patrol agents who shot two illegal alien Tren de Aragua terrorists during a reported vehicle ramming incident in Portland: https://t.co/FrdhP0yqNq A passel of local and state prosecutors keeps threatening to prosecute ICE agents. Most law school students know that the SCOTUS ruled (In re Neagle 1890) that federal agents are immune from state prosecution when conducting official business. The bluster is chum for the whackos, and in some cases, an attempt to foment violence. These Dem officials are advocating insurrection against the rule of law! Give them the Jan 6 treatment! https://en.wikipedia.org/wiki/In_re_Neagle @FoxNews: PHILLY DA Larry Krasner warns ICE agents in wake of the Minneapolis shooting: “If any law enforcement agent, any ICE agent is gonna come to Philly to commit crimes, then you can get the F out of here.” “I will charge you with those crimes. You will be arrested. You will stand trial. You will be convicted.” “Donald Trump cannot pardon you for a state court conviction. Do you hear me, ICE agents?” “There are honest, decent moral law enforcement officers out there by the bushel, including in ICE. This is not for you. This is for any one of your colleagues who thinks they are above the law.” https://t.co/xYB0yL65GD @Dapper_Det: Grossly overweight DEI hire Philadelphia Sheriff Rochelle Bilal does the BLM say her name bullshit, “Renee Good”, calls ICE Agents “fake law enforcement” and says she will arrest them for enforcing federal immigration law. https://x.com/Dapper_Det/status/2009470565082648835 @mazemoore: “No one is above the law.” They were saying this because Trump’s home was raided and the DoJ was trying to throw him in prison. The only “laws” they believe in are those that help them stay in power. That’s why they fight enforcement of immigration law. @JonathanTurley: Philadelphia’s District Attorney and police chief have pledged to arrest ICE officers. Democrats seem intent on challenging fundamental concepts of constitutional supremacy and jurisdiction. However, performative press conferences do not change precedent. https://t.co/f1L6xopfLi @StephenM: The Democrat Party has spent months inciting insurrectionist violence against ICE. Democrats fan flames of ICE hatred and put everyone at risk – NY Post Lay all blame at the feet of Democratic elected officials and their media buddies who fanned the flames of violent protest for the last 12 months…with Minneapolis Mayor Jacob Frey among the chief offenders… Good was radicalized to believe that ICE agents are monsters she must fight. She imagined her refusal to comply with federal officers’ commands made her a brave “resistance” fighter, not a criminal wielding a deadly weapon… The idea that these officers should simply have let Good halt their work is preposterous — and in the parlance of the left, rooted in privilege… But the party seems to have few grown-ups willing to take the political risk of telling their violent, incensed base to calm down. Until they find a way to turn the temperature down, we’re all at risk from the violence the Democrats stokes. https://nypost.com/2026/01/08/opinion/democrats-fan-flames-of-ice-hatred-and-putting-everyone-at-risk/ @disclosetv: Oregon Governor Kotek: “One thing is very clear, when a president endorses tearing families apart and attempts to govern through fear and hate rather than shared values, you foster an environment of lawlessness and recklessness.” https://t.co/fzstH7QAXk @chiIIum: “We need to do whatever we need to, to make sure ICE is no more.” —Portland city spox https://twitter.com/chiIIum/status/2009453772620406887?s=02 @ViralVideos: More anti-ICE leftists in Portland seen trapping and blocking in ICE agents cars with their vehicles while begging others for help. Enough is enough of this, citizens cannot take the law into their own hands and impede federal officers. START ARRESTING THEM ALL! https://x.com/ViralVideos/status/2009433265027879123 @EricLDaugh: THOUSANDS of leftists chant “KRISTI NOEM WILL HANG” in the middle of New York City. “Save a life, k*ll ICE” https://x.com/EricLDaugh/status/2009426906043830447 @JayneZirkle: Protesters who chanted last night “we support Hamas here” and “Long live October 7th” were given a permit to stand right outside a Jewish Day School with their heinous flags and hateful chants. This is Mamdani’s New York City. https://t.co/3m5iPFWkMB The Federalist’s @briannalyman2: States and localities are in open rebellion against the federal government. Officers are in danger simply because they’re enforcing our laws to protect our sovereignty. We delivered a trifecta in 2024 to republicans because we want our sovereignty back. We cannot let leftists hellbent on destroying America use political violence and threats thereof to guilt or scare us out of our God given right to a nation. Bring the hammer down on sanctuary cities and states. On violent rioters. On ANTIFA. On anyone threatening law enforcement. Enough is enough. CNN’s @ScottJenningsKY: We have numerous blue states that are, at a minimum, in a rhetorical state of secession from the Union… because they don’t want to enforce federal immigration laws. @BuckSexton: Illegal alien gang member in Portland doesn’t want to be arrested/deported, tries to run over cops, gets shot in response, Democrat politicians side with the gangster. They do this every time because they are enemies of American civilization. @libsoftiktok: Rep. Melanie Stansbury (D) says she’s joining in filing articles of impeachment against DHS Sec. Kristi Noem after Border Patrol shot two TdA gang members who were trying to run them over. @mrddmia: Democrat politicians are willing to wage a civil war against federal law enforcement to save their criminal illegals. They put money and power over the rule of law. They clearly hate America. Virulent TDS has made the whacko left even more insane, violent, and lawless. Even worse, TDS has forced other Dems to support and join the whacko left. Chuckie Schumer, who was the leader of the Dem Party, and the self-anointed “Protector of Israel,” now grovels at the feet of the whacko left and ignores their violence and antisemitism. This is not a contentious debate about tax rates, government spending, and ‘the children.’ It is a fight to preserve the Constitutional Republic of the USA or have Bolshevism. This is no exaggeration! The whacko left and their Dem/MSM stooges openly obstruct, encourage, and abet the implementation and enforcement of US laws. And they stridently call for and utilize violence and intimidation, like an organized crime family, to achieve their goals, including rigging elections. @seanmdav: Sure would be nice if the networks behind these coordinated conspiracies to obstruct justice and incite violence were rolled up and imprisoned. Maybe when Republicans are done extending Obamacare and giving earmarks to foreign invaders they can get around to rounding these criminals up. @WomenBeingAwful: The situation with Renee Nicole Good is showcasing a much larger issue. Women are being radicalized and converted by the left… Pollster @alextarascio: I wasn’t surprised to learn of the demographic identity of the woman who was killed in Minneapolis yesterday. Back in October, @cygnal asked likely voters if they agreed that it’s acceptable to go beyond peaceful protest in response to ICE enforcement, even if it breaks the law. Overall, just 24% of Americans agreed. But among white women, 18-44, who identify as liberal, the number shoots up to 61% who agree and half that number (30%) who disagree. https://www.cygn.al/wp-content/uploads/2025/10/Cygnal-Oct25-NVT.pdf @WallStreetApes; ICE Officer is just trying to do his job when white liberal women “community leaders” harass him and demand to speak to the illegal he’s detained. The women get extremely hostile Why are we putting up with this, it doesn’t make any sense. Arrest these activists https://x.com/WallStreetApes/status/2009808639075463244 @MattFinnFNC: Minneapolis anti-ICE protests. Woman appeared to hit a Border Patrol SUV as it drove by with an agent inside. Another person appeared to spit on the SUV as well. This video shows the woman being apprehended by agents. https://x.com/MattFinnFNC/status/2009694749394166168 Minneapolis white women in SUVs filmed following ICE agents two days after fatal shooting of Renee Nicole Good… following and taunting ICE agents… As the ICE agent again told the woman in the car to ‘not make a bad decision today and ruin your life’, she chuckled and replied: ‘Oh, bad decisions, that’s funny coming from you.’ And in a parting insult, as the ICE agent told the woman to ‘have a nice day’ she responded: ‘I hope you have a terrible day.’… A woman in a blue car was seen holding her car horn as ICE agents passed by on the road, leading the officer to approach her window and point to her. ‘Just so you know, if we continue to have you follow us…’ he said, while the woman continually held her car horn down to drown him out… https://www.dailymail.co.uk/news/article-15450449/Minneapolis-ICE-agent-women-Renee-Nicole-Good.html @MattFinnFNC: MINNEAPOLIS: Border Patrol agents warn two white women in separate SUVs to stop trailing them and not to impede. ‘Don’t make a bad decision today…” (Look how insouciantly smug they are! Decades of liberal privilege emboldens lawlessness!) https://x.com/MattFinnFNC/status/2009686113632297130 @breccastoll: A woman at the makeshift memorial for Renee Good told me, “It feels wrong for me to be here because as a white woman, I have lots of privilege.” “I feel like white tears are not always helpful or necessary.” https://t.co/B6ZASuWLEZ @briannalyman2: This woman is supremely mentally ill and needs psychiatric help. Progressives undermine the family, culture, and religion; so, people lose community, become addled and lonely. The disaffected, angry, and lonely find community in cults and movements. It’s not complicated. Hundreds of thousands of years womanhood and family development have been destroyed in a few decades. DNA cannot change that quickly – and scientists now believe that not only does DNA change during an individual’s lifetime, it also transmits learned knowledge and instincts to offspring. We’ve noted several stories about the mental healthcare crisis in the US, notably among young women. Social media exacerbates mental health issues. Women with image or ‘Daddy’ (escalated by family breakdown) problems are the most vulnerable. Progressive policies and brainwashing are causes. U.S. Department of Health & Human Services, Office on Women’s Health: many women in the United States have negative body images, which can put them at higher risk of depression, eating disorders, or other mental and physical health problems. https://womenshealth.gov/mental-health/body-image-and-mental-health “Loneliness has very real and significant impacts on mental and physical health, social support systems and even lifespan,” explains Dr. Gayle MacBride, Ph.D., LP, a psychologist with Veritas Psychology Partners. “Loneliness has been linked to anxiety, depression, sleep disturbances, higher cortisol levels, a worsening of chronic conditions and even increased difficulty recovering from health events.” “Women, in particular, are more likely to internalize loneliness, believing that this is not something they can control and that they are lonely because something is wrong with them, which manifests in shame,” says Dr. Emily Guarnotta, Psy.D., a psychologist with Phoenix Health. “This can result in a destructive shame cycle that reinforces loneliness.” https://parade.com/living/common-behaviors-in-lonely-women-according-to-psychologists The Power of Community: Why It Matters for Women https://www.abeautifullifemagazine.com/post/the-power-of-community-why-it-matters-for-women @chiIIum: These trained individuals are taking refuge near schools for a reason. Minneapolis schools have a big problem. That woman who died for the cause trained for these actions at her 6-year-old son’s social justice activist school. Groups that receive funding from city grants under the guise of “coping skills for the youth” need to cease operations until further notice. Also, I noticed how intertwined the “interfaith community” is to both these protests and city grant money. Hot mess express. Bill and Hillary Clinton face contempt of Congress for dodging on Epstein subpoenas again https://trib.al/gUzLDEb PBS News claims that the ICE agent who was struck by Renee Good’s advancing car was “knocked backward but not hit.” (Explain to us, like we are 5-years olds or collies, how you ‘knock someone backward ‘but not hit the person.’) https://x.com/AFpost/status/2009762601748836683 Where are the editors, adults, and people of character and integrity at PBS? Actor @RealJamesWoods: Remember when the Democrats were all whining for body cameras that would show police brutality? That worked out well… Democrats once recognized ‘dangerous situations’ for officers, but now back away after ICE shooting – Democrats’ rhetoric now reverses the attitude they had under the Obama Administration, when his official policy asserted that immigration agents face “dangerous situations” that sometimes require “split-second decisions” to employ force. https://justthenews.com/government/courts-law/democrats-once-recognized-dangerous-situations-officers-sing-different-tune Nebraska (Dem) state senator caught on video removing Founders’ portraits defends actions Democratic State Sen. Machaela Cavanaugh was shown on Capitol security footage taking down portraits from an exhibit celebrating the 250th anniversary of America’s founding… “I don’t even know what the pictures were. I wasn’t really paying attention as I was taking them down. I just took them down,” Cavanaugh said, denying her actions were political… (Lying POS!) The progressive lawmaker later told the Lincoln Journal Star that she tried not to damage the artwork and contacted the Nebraska State Patrol to let them know where the portraits could be found, according to the Nebraska Examiner… https://nypost.com/2026/01/09/us-news/nebraska-state-senator-machaela-cavanaugh-caught-removing-founding-fathers-portrats-from-capitol/?utm_social_post_id=646858336 @FarmGirlCarrie: If only MN had handled it like this: Chicago PD Superintendent Larry Snelling: “Let me make this clear; agents, ICE, HSI, are officers, they are agents of law enforcement. If you box them in with vehicles, it is reasonable for them to believe, that they are being ambushed…” https://x.com/FarmGirlCarrie/status/2009376572940206123 @JonathanTurley: The testimony of former Jack Smith before Congress confirmed the worst assessments of his view of free speech. The only thing more chilling than his lack of knowledge of constitutional doctrine is his contempt for constitutional values… During his testimony, he was asked by Chairman Jim Jordan (R-Ohio) whether Trump was entitled to First Amendment protections for his speech. Smith replied: “Absolutely not… Smith shows a complete lack of understanding of the First Amendment and Supreme Court precedent… https://jonathanturley.org/2026/01/10/former-special-counsel-jack-smith-confirms-his-utter-contempt-for-the-first-amendment-in-congressional-testimony/ Babylon Bee: Democrats Say Things Would Be Much Safer If Law Enforcement Would Just Stop Trying to Enforce The Law https://babylonbee.com/news/democrats-say-things-would-be-much-safer-if-law-enforcement-would-just-stop-trying-to-enforce-the-law Ex-federal prosecutor @shipwreckedcrew: How about if I let Justice Alito explain that one to you: “We think our decision in Brosseau v. Haugen, 543 U. S. 194 (2004) (per curiam) squarely demonstrates that no clearly established law precluded petitioners’ conduct at the time in question. In Brosseau, we held that a police officer did not violate clearly established law when she fired at a fleeing vehicle to prevent possible harm to “other officers on foot who [she] believed were in the immediate area, . . . occupied vehicles in [the driver’s] path[,] and . . . any other citizens who might be in the area…. In Brosseau, an officer on foot fired at a driver who had just begun to flee and who had not yet driven his car in a dangerous manner….” “We now consider respondent’s contention that, even if the use of deadly force was permissible, petitioners acted unreasonably in firing a total of 15 shots. We reject that argument. It stands to reason that, if police officers are justified in firing at a suspect in order to end a severe threat to public safety, the officers need not stop shooting until the threat has ended. As petitioners noted below, “if lethal force is justified, officers are taught to keep shooting until the threat is over.” Minnesota State Patrol reviewing its response to alleged ‘stalking’ incident of federal employee “This incident is under internal review,” the Minnesota State Patrol said. The State Patrol supervisor allegedly stated via radio that they would not assist and the employee/victim should be directed off the highway because the State Patrol wants “nothing to do with ICE.” Eventually, the tipster said a squad from the Hennepin County Sheriff’s Office found the employee and arrested the suspect on probable cause harassment… https://alphanews.org/state-patrol-reviewing-its-response-to-alleged-stalking-incident-of-federal-employee/ @chiIIum: CBS News says Becca Good (Deceased’s wife) “was in the car during the shooting.” Everyone can agree this is a lie. https://x.com/chiIIum/status/2010107329069359499 ICE Director Todd Lyons: “Regardless of staged political theatrics, ICE is going to continue to arrest the worst of the worst criminal illegal aliens in Minnesota and elsewhere.” Democrats in the Cheeze Barrel with Walz by John Kass How should Americans consider Minnesota Gov. Tim Walz, hounded by at least $9 billion in state welfare fraud that he ignored for years–and his endless spasms of white guilt while caving to his Somali fraudsters?… The Somalis relied on a tactic used by generations of black political types in America. It was used successfully by black political figures against white liberals who might look too closely into their fat political and governmental contracts. It was the threat by Jesse Jackson, Al Sharpton and Harold Washington to use accusations of white racism to silence legitimate inquiry. Because in the history of American politics there is no creature as malleable as a white Democrat politician or white liberal journalist afraid of being called a racist… Now, the Democrats are pushing for more violence to distract from what is coming: a thorough federal examination of welfare and other fraud in blue states. The violence escalates as the Democrats hunt federal I.C.E. officers. They want blood. And sadly, they’ll get their heart’s desire as anguish settles over America. The left threatens more violence if they don’t get what they want… https://johnkassnews.com/democrats-in-the-barrel-with-walz/ | |
SWAMP STORIES FOR YOU TONIGHT
USDA Suspends All Payments To Minnesota’s Food Programs Over Suspected Fraud
Saturday, Jan 10, 2026 – 02:00 PM
Authored by Jill McLaughlin via The Epoch Times,
The U.S. Department of Agriculture (USDA) suspended payments for all federal food programs in Minnesota and Minneapolis Friday over alleged fraud and abuse of federal funds statewide.
“Enough is enough!” USDA Secretary Brooke Rollins posted on X, announcing the suspension. “The Trump administration has uncovered massive fraud in Minnesota and Minneapolis—billions siphoned off by fraudsters. And those in charge have zero plan to fix it.”
The agency plans to suspend all payments of federal financial awards to the state and city—totalling about $130 million—until state and local officials provide documentation detailing expenditures and transactions for the past year, Rollins said.
More than 440,000 people—about one in 13 residents—receive monthly assistance from the federally funded Supplemental Nutrition Assistance Program (SNAP), according to the Minnesota Department of Children, Youth, and Families.
SNAP uses around three-fourths of the federal funding for food-related programs and about 7 percent of all federal funding for the state, the agency reported.
In all, Minnesota received an estimated $2.05 billion in federal funds for 52 food-related programs in 2025, according to the state. The top five programs were SNAP; Women, Infants, and Children Supplemental Nutrition Program (WIC); school lunches; school breakfasts; and the child and adult care food program.
According to Rollins, Gov. Tim Walz’s administration did not provide the USDA information about SNAP participants that would prevent continuing fraud. The state also sued the USDA in December 2025 to block the agency’s directive to recertify the state’s SNAP recipients.
Minnesota Attorney General Keith Ellison sued the Trump administration after the USDA demanded it recertify 100,000 households that receive SNAP benefits with in-person interviews by Jan. 15 to verify if they were eligible for the program.
Ellison argued in the lawsuit that the USDA’s demand violated several aspects of federal law.
As part of Friday’s notice, Rollins notified state and city officials they would have to provide the USDA with payment justifications for all federal dollar expenditures from Jan. 20, 2025, to the present.
All transactions on funding awards to the state and city would require the same payment justifications, according to Rollins.
Federal investigators from multiple branches of the Trump administration have focused on Minnesota amid allegations of fraud in the state’s federal child care, day care, Small Business Administration, housing, food, and other social services programs.
The USDA’s funding pause is the latest measure taken by the administration in the past two weeks as officials widen the scope of investigations.
“While the full extent of fraud in Minnesota is not yet known, it is clear that, under your leadership—or lack thereof—fraudsters can take advantage of federal funds and the American taxpayer with impunity,” Rollins said in her notice. “This necessitates federal action to protect taxpayer dollars until adequate safeguards can be established.”
Walz’s office, Minneapolis Mayor Jacob Frey’s office, and the Minneapolis Department of Children, Youth, and Families did not immediately return requests for comment about the announcement.END
END
Here’s Treasury’s Plan To Take Down Somali Fraud Rings
Sunday, Jan 11, 2026 – 09:55 AM
While we patiently await more nothingburgers from DOJ’s next overdue round of redacted Epstein files, the Treasury Department is going after Somali fraud rings…
On Friday, Secretary Scott Bessent announced a sweeping crackdown on government benefits fraud that has already cost Minnesota taxpayers billions. The initiatives aim to close the loopholes that have made the system rife with abuse and to increase oversight.
“President Trump has instructed the administration to bring accountability for the hardworking people of Minnesota,” Bessent said while visiting the gopher state. “Under Democratic Governor Tim Walz, welfare fraud has spiraled out of control. Billions of dollars intended for feeding hungry children, housing disabled seniors, and providing services for children in need were diverted to benefit Somali fraud rings.”
While meeting with financial leaders, victims and local law enforcement, Bessent revealed how Treasury will combat the issue that nobody seemed to care about until now (despite officials knowing for years); track the money.
Using the state’s Bank Secrecy Act, Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a Geographic Targeting Order which will require banks and money transmitters located in Hennepin and Ramsey Counties – and include the cities of Minneapolis and St. Paul, to report additional information about funds transferred outside of the United States. These businesses will be required to file reports with FinCEN above certain transactions of $3,000 or more where the beneficiary is located outside of the United States.
Currently, law enforcement has limited insight into the persons located abroad who receive the proceeds of the frauds. This Order will better equip Federal, state, and local law enforcement by providing them with additional information to assist in their investigations of government benefits fraud. It is expected to advance prosecutions and assist in the recovery of funds laundered internationally.
Additionally, the IRS is increasing audits and launching a new task force focused on pandemic-era tax scams. Agents are digging into nonprofits and charities that exploited the 501(c)(3) label to hide shady activity.
FinCEN even issued an alert to banks, outlining “red flags” to help them spot and prevent child nutrition program fraud before it escalates.
In a separate interview with Laura Ingraham on Fox News, Bessent also revealed that the Treasury Department plans to pay cash to anyone who comes forward with inside information about Minnesota’s massive fraud operation.
The goal is simple: identify the fraudsters, trace how the money moved, and determine when the key decisions were made.
Bessent made clear that the administration understands how these criminal networks actually work. “We know that these rats will turn on each other,” he said. “We heard today that one of the people who has been convicted of fraud, she was given $200,000 to bribe a juror, and she was so corrupt, she skimmed $80,000 of it and only tried to give a $120,000 bribe.”
That level of corruption, he suggested, creates opportunity for law enforcement. Treasury plans to exploit it. “So we are going to offer whistleblower payments to anyone who wants to tell us who, what, when, where, and how this fraud has been done,” Bessent said. “And I think that that will give us a great report on how to get it done.”
It was a clear signal that the Trump administration intends to break these fraud rings by following the money and turning insiders into witnesses. And it likely won’t be hard to find whistleblowers. Last year, nearly 500 Department of Human Services employees blamed Gov. Tim Walz for the surge in fraud during his administration. In a post on X last year they declared, “Tim Walz is 100% responsible for massive fraud in Minnesota,” saying they raised alarms early and repeatedly, only to be met with “the opposite response.” Instead of action, they say Walz “systematically retaliated against whistleblowers using monitoring, threats, repression,” with cover from allies in Minnesota’s Democratic-Farmer-Labor Party and the help of the mainstream media.
END
“We Won’t Stop Until Heads Drop Like In 1793”: Tens Of Thousands Take To Streets Of Minneapolis After ICE Shooting
Sunday, Jan 11, 2026 – 09:20 AM
Authored by Joseph Lord and Nathan Worcester via The Epoch Times,
Tens of thousands of people took to the streets of Minneapolis on Jan. 10 to protest the shooting of Renée Nicole Good by an Immigration and Customs Enforcement (ICE) officer, according to a Minneapolis Police Department estimate provided to The Epoch Times.
A protest organizer guessed that as many as 40,000 people attended the demonstration, thronging a large park and public thoroughfares. The Epoch Times could not confirm that estimate.
Demonstrators gathered to condemn ICE operations in Minneapolis after the fatal shooting of Good in the city on Jan. 7.
Protesters began to arrive for various rallies and marches across the city around 2 p.m. ET Saturday.
The nerve center was snow-covered Powderhorn Park, not far from George Perry Floyd Square—the site of the May 2020 incident that provoked national demonstrations and riots.
Police helicopters could be seen flying overhead as protesters arrived.
On the ground, however, the police presence was sparse. Instead, participants in, or organizers of, the demonstration could be seen directing traffic through the streets. Some verbal fights with frustrated motorists ensued.
At a makeshift memorial for Good near the site of the Portland Avenue shooting, a sign was set up calling for “national strikes to boot out the admin.” Some mourners lit candles. Others, who were dressed in Aztec-like headdresses, appeared to perform a ritual involving dancing, drums, and the burning of material in a handheld vessel.
Protestors numbering in the thousands demonstrate against Immigration and Customs Enforcement (ICE) operations in Minneapolis, on Jan. 10, 2026. John Fredricks/The Epoch Times
The demonstrations on Jan. 10 came after smaller, more chaotic protests on the snowy evening of Jan. 9, when demonstrators in downtown Minneapolis targeted multiple hotels they believed to be hosting immigration agents.
Law enforcement ultimately detained 30 demonstrators over the course of the night and early morning. They were cited and released.
On Jan. 10, the temperature was colder, at around 20 degrees Fahrenheit, but no additional snow fell as the afternoon wore on.
Other signs of tension between immigration law enforcement and locals were evident on the ground.
Protestors gather to demonstrate against Immigration and Customs Enforcement (ICE) operations in Minneapolis on Jan. 8, 2026. John Fredricks/The Epoch Times
One gas station near the protests displayed a sign warning ICE agents not to enter without a judicial warrant.
Anti-ICE graffiti was visible in and around the demonstrations, including at Floyd Square.
Protesters marching down Chicago Avenue bumped into another group marching near 34th Street.
Along Chicago Avenue, two parents who were participating in the demonstration could be heard telling their young boy, “This is a protest.”
A chant by protesters compared the Minneapolis Metropolitan Police Department (MPD) to the Ku Klux Klan (KKK) and ICE: “MPD, KKK, ICE—they’re all the same.”
Protestors against Immigration and Customs Enforcement operations walk down a street in Minneapolis, on Jan. 9, 2026. John Fredricks/The Epoch Times
One protester held a sign that read, “We Won’t Stop Until Heads Drop Like in 1793,” referencing the Reign of Terror during the French Revolution.
Near the interstate, an activist who had positioned himself far from the action could be seen holding a sign reading, “Love the Alien As Yourself.”
By 10:45 p.m. ET on Jan. 10, the streets of Minneapolis were quieter.
A smaller group continued protesting at the sidewalk memorial to Good. Local police directed traffic on Portland Avenue.
People gather at a makeshift memorial for Renée Good, who was fatally shot at the location during an Immigration and Customs Enforcement operation, in Minneapolis, on Jan. 10, 2026. John Fredricks/The Epoch Times
What Happened
Good, an American citizen, was shot and killed during an encounter with ICE agents on Jan. 7.
The incident has met with clashing interpretations, with some defending Ross’s actions as self defense and others alleging he used excessive force.
Video shows that in the moments before the shooting, four ICE agents stopped their truck in the middle of the street, exited, and approached Good’s vehicle. The footage also shows Good’s female partner, Becca Good, heckling immigration law enforcement.
As one agent attempted to reach into Good’s car and open her door from the inside, Good turned the wheel to the right, away from Ross, and accelerated her car, allegedly striking the agent, who fired his weapon, according to video and audio. The footage also records Good’s wife, who was outside the vehicle, telling her to “drive, baby, drive.”
Renée Nicole Good in a vehicle before she was fatally shot in Minneapolis on Jan. 7, 2026. Alpha News via Reuters/Screenshot via The Epoch Times
The administration has described Good as a “domestic terrorist” who was attempting to harm Ross and other ICE agents using her vehicle after earlier interfering with ICE operations in the city.
In a Jan. 8 letter to Secretary of Homeland Security Kristi Noem led by Rep. Ilhan Omar (D-Minn.), more than 150 members of Congress disputed that interpretation, describing the shooting as an example of the use of “unnecessary force on civilians without provocation.”
Noem has stated that Ross “went to the hospital” and “received treatment,” though no details on the injuries for which he was treated have been officially released.
END
Minnesota’s Most Notorious Somali Daycare At Center Of Fraud Scandal Abruptly Shuts Down
Sunday, Jan 11, 2026 – 07:35 AM
The Quality Learing Center is no more.
The Minneapolis child care center thrust into the spotlight by a viral YouTube exposé on Minnesota’s rampant day care fraud scheme has officially shut down. State records confirm Quality Learning Center requested its license closure, effective Tuesday.
Late last month, independent journalist Nick Shirley released a video in which he toured nearly a dozen centers, exposing them for pocketing public funds without delivering services. Quality Learning Center stood out for its sign bearing a glaring typo – “Learing” – that operators scrambled to fix after the clip went viral. The footage captured an empty-looking facade and zero activity, fueling suspicions in a state already reeling from massive welfare scams.
“Quality Learning Center closed on Tuesday, according to the Minnesota Department of Human Services’ licensing records. The Minnesota Department of Children, Youth, and Families [DCYF] said that the center requested closure of its license effective Tuesday,” CBS News reported.
The center raked in $1.9 million from Minnesota’s Child Care Assistance Program in fiscal 2025. DCYF got word on December 19 of a voluntary shutdown plan. Ten days later, an on-site check found operators reversing course, vowing to stay open.
By January 6, records showed otherwise—closed tight.
“The provider is unable to reopen without reapplying for a license,” DCYF reported
Shirley’s clip reignited fury over Minnesota’s social programs grift. Federal prosecutors have already nailed dozens for ripping off kid meal initiatives, autism therapy, and senior housing aid. Schemes ran deep, due to what appears to be intentionally lax oversight in Somali immigrant-heavy enclaves.
Federal prosecutors have charged dozens of people with allegedly defrauding state programs that offered meals to needy children, behavioral therapy for children with autism and assistance for seniors searching for housing.
The Trump administration deployed about 2,000 Department of Homeland Security agents to the Twin Cities earlier this week, with the stated goal of cracking down on fraud and undocumented immigration. DHS Secretary Kristi Noem joined the operation, which Minnesota Gov. Tim Walz called a “ridiculous surge” and a “show” for the cameras that has not been coordinated with the state.
President Trump’s Department of Health and Human Services announced late last month it would freeze all federal child care funding for Minnesota amid the fraud investigations. On Tuesday, the department said it planned to halt billions more in social services funding for Minnesota and four other states led by Democrats.
Walz, who abruptly ended his reelection bid earlier this week, lashed out at President Trump, accusing him of using fraud investigations as a pretext to target Minnesota. He claimed the state is “under assault like no other time in our state’s history,” blaming what he called a “petty, vile administration” that he said shows no concern for the well-being of Minnesotans.
The daycare’s closure follows a prior attempt to appear legitimate. Days after Nick Shirley’s video first went viral, the once-empty center suddenly filled up with a couple of dozen kids who appeared to have been bused in, while staff and the owner’s son offered unconvincing excuses and angrily rebuffed reporters, underscoring a likely cover‑up.
Neighbors explained that the center’s parking lot is usually empty, and they had “never seen kids go in there” before the controversy, raising suspicions that the facility was effectively non-operational despite supposedly serving dozens of children. Staff angrily denied fraud, with one worker telling a reporter to “get the f–k out of here.”
The Quality Learning Center is not the first daycare center under scrutiny for engaging in cover-ups since Shirley’s video went viral. Last month, a different Somali-run day care, suspected of fraud, conveniently claimed it had been burglarized. According to Nasrulah Mohamed, manager of the Nokomis Day Care Center, thieves broke into the center, ignored the cash and electronics, and instead made off with employee and child enrollment records.
END
LA
THIS IS NUTS!!
Watch: Chaos Erupts As U-Haul Driven Into LA Protest Against Iran Regime
Monday, Jan 12, 2026 – 06:55 AM
Amid reports that hundreds of anti-government demonstrators in Iran have been killed in recent days — and President Trump reportedly considering US intervention — tensions over the Iran crisis hit a flash point in Los Angeles on Sunday when a U-Haul truck with signage opposing the reinstallation of an Iranian monarchy drove through a group of marchers calling for regime change. The crowd quickly went from frightened screams to outraged violence, mobbing the truck after it stopped and pummeling the driver as police took him into custody.
The incident, which appears to spring from clashing views within the Iranian diaspora, unfolded at 3:40pm on Sunday afternoon, after a crowd of demonstrators had gathered in LA’s upscale Westwood. Along with adjacent Westside neighborhoods, Westwood forms the epicenter of LA’s prosperous Iranian-American population. At approximately 138,000, it’s one of the largest populations of Iranians in the world outside of Iran. As the crowd was in the vicinity of the Wilshire Federal Building, video showed a truck moving at a decidedly unsafe but not necessarily homicidal speed down Wilshire Boulevard as it was lined with demonstrators.
There’s reason to believe the U-Haul driver didn’t intend to hurt people: He was in a large truck and caused no casualties. No ambulances were called to the scene, and police said they’ve only confirmed that one person was hit by the truck, and wasn’t seriously injured. The Los Angeles Fire Department said the two people whom they evaluated at the site of the incident declined treatment. LA Police said they do not consider it an act of terrorism, but rather that it started with an altercation. That would seem to indicate the driver may have been using the banner-laden truck to advertise his particular views on Iran’s future, and triggered a potent response from the demonstrators that led the driver to flee in haste. He had no prior arrest record, but now faces possible charges of assault with a deadly weapon.
The driver of the truck came out the worst of anyone. After he stopped, a mob surrounded him, jabbed him with a flagpole, and tried to drag him out of the vehicle. After police worked their way through the crowd, they struggled to take control of the area, and some serious shoving went on between demonstrators and officers too:
After managing to take the bloodied, cooperative driver into custody and putting him in cuffs, officers were unable to prevent members of the crowd from continuing to beat him, and a man standing on the truck’s hood kicked him in the head. He was taken to a hospital for treatment for unspecified injuries, and hasn’t been named yet. Not satisfied with beating the driver, some in the angry mob also made U-Haul pay a price too, smashing the windshield of the rental truck and trying to break its mirrors.
The truck driver’s precise political convictions aren’t yet clear. The outside of the truck had signs written in both English and what is likely Farsi. One of the English ones read: “No Shah. No Regime. USA: Don’t Repeat 1953. No Mullah.” The “no regime” and “no mullah” elements of the banner seemingly indicate the driver was opposed to both the reinstallation of a monarch and the current regime.
The admonition against the USA repeating “1953” is clear. That’s the year that US and British intelligence engineered a coup d’etat that ousted Iran’s democratically-elected prime minister, Mohammad Mosaddegh, and restored Reza Pahlavi as the shah, a royal title meaning “king” in Farsi. Prompted by Mosaddegh’s nationalization of the company’s oil industry, “Operation Ajax” involved the use of CIA-funded Iranian agents and “rented” crowds of anti-government demonstrators. The shah’s reign — sustained with the repression of rights and sometimes-brutal treatment of dissidents — lasted until the 1979 Islamic revolution that ushered in the country’s current government.
Many in the Iranian diaspora are calling for the reimposition of an Iranian monarchy, led by the son of the late Shah Reza Pahlavi, a 65-year-old who shares the same name, and lives in a Maryland suburb of Washington DC. While there are reports of Iranian protesters chanting that “Pahlavi will return!”, it would be a mistake to assume that Iranians inside Iran support the reinstallation of a monarchy in the same proportion as do those living abroad. After all, the diaspora is heavily composed of people who fled Iran after the fall of the Shah, and their descendants.
Others in the diaspora, including Pahlavi himself, say that, rather than becoming a monarch, Pahlavi should serve as a transitional figure as the country uses elections to determine its future. Pahlavi is aggressively pursuing that role, pitching a 100-day transition plan, and receiving warm press from Deep State-allied outlets like the Wall Street Journal.
Another key player in the push for Iranian regime change is the Marxist-rooted Mujahedin-e Khalq, also known as the People’s Mujahedin Organization of Iran, but typically referred to as the MEK. Founded in the 1960s, often characterized as something of a cult, and designated by the US government as a terror organization until 2012, the MEK allied with Iraq during the Iran-Iraq war, and has been accused of serving as a conduit for phony intelligence about Iran’s nuclear technology created by Israel’s Mossad, and helping the Mossad assassinate Iranian scientists. Operating both inside and outside Iran, the MEK has infamously doled out hefty speaking fees to a parade of US political figures, including John Bolton and Rudy Giuliani.
Having participated in the revolution that dethroned the Shah, the MEK has long opposed a revived monarchy, instead favoring a secular democracy. Some social media users speculated or assumed the truck driver in Westwood was an MEK devotee:
END
GREG HUNTER…INTERVIEWING ALEX NEWMAN…
Cash Cut-Off Has Globalist Deep State Panicking – Alex Newman
By Greg Hunter On January 11, 2026 In Market Analysis, Political Analysis3 Comments
By Greg Hunter’s USAWatchdog.com (Saturday Night Post)
Journalist Alex Newman, author of the popular book “Deep State” (which is soon to be massively updated and re-released), thinks evil powers trying to overthrow America are distraught because their money and plans are drying up. Newman says, “I think the globalist Deep State is in panic mode, and I think the Left is as well. The operation against Maduro sent a massive shock wave through the global Left. I see the global Left as a tentacle of the global Deep State. It runs right through Venezuela, and it runs right through Minneapolis. Let’s not forget what happened in 2020. . .. The so-called uprising was organized by Rockefeller front groups, and these are paid professional revolutionaries. Yes, they are useful idiots . . . but they have huge money at their disposal.”
In late November, Newman warned “Leftist Marxists Preparing Now to Take Over America.” Then, Venezuela President Nicholus Maduro was arrested, and that threw a cold bucket of water on those plans. Newman points out, “Venezuela was the cash cow that was funding this entire subversive movement through drugs and oil. Donald Trump, in one fell swoop, took out that massive piece of their architecture, and they are pooping bricks. They are absolutely terrified about what may come next.”
We already know the payments in the so-called Somali welfare fraud have been cut off by the federal government. Treasury Secretary Scott Bessent is also cutting off billions of dollars of more fraud by changing money transfer rules. On top of that, Newman says Trump has given a huge blow to the globalist UN climate treaty that also is cutting off big money. Newman says, “The UN Framework Convention on Climate Change (UNFCCC), this is the foundation of the UN climate regime and Donald Trump just utterly obliterated it. This is some of the best news we have heard in a very long time. The UN is very mad, and their chief spokesman is saying the US has a legal obligation to keep paying them.” That is not going to happen, which means more cash cut from evil people trying to destroy America. Newman adds, “This is just the beginning, and they have done a yearlong review of UN agencies that are useless, anti-American and wasteful. The first 66 just dropped, and we expect more. This is Earth shattering news. This is huge news and really significant.”
The other really significant thing about Venezuela is the voter fraud that has rigged elections in the Western hemisphere for many years. Newman says, “In Caracas, with Cuban help, they created lots of tools to steal elections. It was not just in Latin America but here in the United States. There are a lot of people in the Trump Administration who know about this. I think this was one of the big things on Trump’s mind when he started thinking about what do we do with Venezuela? We have had multiple whistleblowers come out and confirm almost all of this involvement in voter fraud. The big take away here is . . . they created software to rig and steal elections in Latin America and here in the United States, and the Trump Administration knows about it.”
There is much more in the 60-minute interview.
Join Greg Hunter of USAWatchdog as he goes One-on-One with hard-hitting journalist Alex Newman, founder of LibertySentinel.org, where he talks about the increasing violence by the globalist Deep State to take down America and why they are prepping for civil war now. Newman is also the author of the newly released book “Woke and Weaponized.” This is a stark warning for all parents about the communist plan to control and brainwash the next generation in our public schools for 1.10.26.
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After the interview:
harveyorganblog.com 
